TSB has announced the appointment of Marc Armengol as its chief executive, subject to regulatory approval.
This comes as TSB’s current CEO, Robin Bulloch, announced his retirement after 45 years in retail banking and five years at TSB.
Bulloch has been chief executive for the last three years, overseeing the bank’s customer experience transformation.
Armengol served as strategy director at TSB and was a member of its executive committee from 2018 to 2021. He has been a member of its board since 2022.
He joined Sabadell, TSB’s parent company, in 2002 and has served as the chief operational officer of its international businesses.
Armengol is expected to rejoin TSB early next year and will work with Bulloch on an “orderly handover”, the bank said.
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Nick Prettejohn, chair of TSB, said: “We’re grateful to Robin for his outstanding contribution not only to TSB but also to retail banking for more than four decades. Robin leaves TSB a successful, simpler, stronger and more customer-focused bank and we’re well-positioned for the next phase of growth.
“He hands over the baton to Marc, who is a proven leader and knows TSB well. As an established TSB board member, I’ve always admired Marc’s ambition for the future of TSB and its customers. Marc’s appointment will allow us to build further on the progress of recent years.”
Bulloch said: “I have been very fortunate to work in retail banking for virtually my whole career with a focus on doing what’s right for our customers. The fact that my executive career concludes with me at the helm of TSB, where I opened my first bank account aged five, gives me a personal sense of fulfilment. However, more importantly, I want to thank all of my colleagues at TSB for their dedication and their unstinting efforts every day to make TSB a better bank.”
Armengol said: “I’m delighted to be rejoining TSB – a leading challenger bank and trusted brand that is delivering money confidence for millions of customers every day. I’m looking forward to building on the great work and passion and commitment of TSB colleagues to continue to unleash TSB’s potential and deliver even more for customers.”
This news comes as Spanish bank BBVA was given approval by the Prudential Regulation Authority (PRA) to acquire TSB’s parent company Sabadell, despite Sabadell’s board rejecting several takeover bids.
If it goes ahead, this will give BBVA indirect control of TSB.
