TSB has named former director Marc Armengol as its new chief executive, as the bank’s owner continues to resist a hostile takeover bid from a Spanish rival.
The bank, which is owned by Spain’s Banco Sabadell, said Mr Armengol would take on the top job from early 2025.
He will replace Robin Bulloch, who announced his retirement after three years in the role and a 45-year career in banking.
Mr Armengol will rejoin TSB having previously been a strategy director for the bank and a member of its board since 2022.
He is currently the chief operating officer for Sabadell, which is the fourth largest bank in Spain.
TSB said it has delivered record financial results under Mr Bulloch’s leadership, who it also credits for transforming customer experience.
As an established TSB board member, I’ve always admired Marc’s ambition for the future of TSB and its customers
The leadership change comes as Sabadell’s board continues to fend off a so-called hostile takeover bid from rival Spanish banking group BBVA.
Sabadell said the bid, which was launched in May, is hostile because BBVA has taken the offer directly to shareholders without the approval of its board of directors.
The offer valued Sabadell at 12.2 billion euros (£10.2 billion), but proposals were rejected by its board of directors.
Nevertheless, Spanish regulators are set to review the potential tie-up after regulators in Europe and the UK said they would not object to any acquisition.
TSB’s chairman, Nick Prettejohn, 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.”
