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Marc Armengol Appointed TSB CEO to Oversee Turnaround, Sabadell

  • Armengol takes over as TSB's CEO at beginning of 2025
  • Bulloch retires after 45-year career in retail banking
  • CEO of Sabadell says Armengol will help TSB turnaround

MADRID, Nov 29 (Reuters) - Marc Armengol will succeed Robin Bulloch as Chief Executive Officer of Britain's TSB bank at the beginning of 2025 to oversee its turnaround strategy, its Spanish owner Sabadell said on Friday.

Bulloch, who will retire after a 45-year career in retail banking, joined TSB in 2019 and was appointed CEO in 2021.

The reshuffle comes as Sabadell tries to fend off a hostile takeover bid from BBVA and as TSB undertakes a restructuring process to boost its profitability.

Armengol joined Sabadell in 2002. He has been a member of TSB's board since 2022 and was also the British bank's director of corporate strategy in 2018-2021, during which time he helped transform and grow TSB's digital business, Sabadell said.

He was most recently Sabadell's director of operations and technology, a role that will be taken over by the current general manager of sustainability and efficiency, Elena Carrera.

Sabadell reaffirmed its commitment to help TSB become a main contributor to improving the group's profitability with Sabadell CEO Cesar Gonzalez-Bueno saying it would continue to see TSB's "turnaround strategy in action" under Armengol.

The Spanish bank's 1.7 billion pound acquisition of TSB in 2015 ran into difficulties more than six years ago when IT glitches sent costs spiralling.

Sabadell has said it is under no pressure to sell TSB, putting previous plans to divest the lender on hold until it turns the bank around and making it part of its long-term growth strategy.

TSB reported a 23% annual rise in net profit in the third quarter to 59 million pounds.

BBVA and Sabadell previously held takeover talks which collapsed in 2020, with a source telling Reuters at the time that differences over the value of TSB were partly to blame.

Reporting by Jesús Aguado, editing by Inti Landauro, Kirsten Donovan

Source: Reuters


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