Santander UK announced on Monday its intention to appoint Nicola Bannister as the new CEO of TSB Bank, dependent on regulatory approval being received for Santander’s acquisition of TSB.
Sabadell Group agreed last July to sell TSB to Santander Group for an eventual sale price estimated at £2.9 billion, subject to regulatory approval. The transaction is expected to complete in 2026.
Banking analysts have speculated the TSB brand could disappear with Santander saying it “intends to integrate TSB in the Santander UK group, enabling it to become the third largest bank in the country by personal current account balances.”
Santander UK said: “Nicola will take up the position, subject to regulatory approval, as CEO upon the completion of the TSB acquisition.
“She will succeed current TSB CEO, Marc Armengol, who it was announced in February, will be joining Sabadell Group as CEO after completion of the deal and an orderly handover to Nicola. Marc’s appointment is also subject to regulatory approval.
“Nicola joined TSB in 2022 and has been a member of the TSB Executive Committee since 2024. She has, additionally, led the business transition for TSB since the proposed acquisition in July last year.
“Nicola has over 25 years of experience in Financial Services working across insurance, investments, retail and business banking. Prior to joining TSB, Nicola worked in Lloyds Banking Group for over two decades in a series of leadership roles including Collections Effectiveness Director and Network Director for the Lloyds and Bank of Scotland branch network.”
Santander UK CEO Mahesh Aditya said: “Nicola was the outstanding candidate to succeed Marc. She brings extensive experience of British retail banking across all sectors, with a keen understanding of what customers need and expect from their bank.
“I know she will ensure TSB continues to focus on delivering the best possible service and products for their customers in the coming months. Her appointment highlights the depth of talent within TSB and I am looking forward to working with Nicola and the TSB Executive Committee as we prepare for the next phase of our acquisition.”
Bannister said: “It’s an incredible honour to be invited to become Chief Executive of this amazing bank, particularly as we join forces with Santander UK – with the prospect of offering even better banking for customers in the UK.
“I’m hugely grateful for the support I’ve received not only from TSB and Santander in backing my appointment, but also from the thousands of talented and passionate colleagues that I’ve worked alongside in recent years, who together make TSB so special.”