Seasoned banking executive Nicola Bannister is to become the next chief executive officer of TSB Bank.

Bannister will take up the top role at the high street bank when its £2.65 billion takeover by Santander is approved by regulators.

Her appointment comes a month after it was confirmed current TSB Bank boss, Marc Armengol, would be leaving the position once the Santander deal is concluded.

Armengol is set to become CEO of Sabadell Group, the Spanish private banking group that has agreed to sell TSB to Santander. Sabadell Group has owned TSB for more than a decade.

Neither Bannister nor Armengol will be able to start their new positions until regulators agree to TSB’s sale to Santander. However, the deal is expected to be completed in the first half of 2026.

In addition to seeking regulatory approval for these changes, Santander said Bannister’s appointment as future TSB Bank chief executive and Armengol’s subsequent departure from the bank will be supported through an “orderly handover” process.

On Bannister’s appointment, Santander UK CEO Mahesh Aditya said her previous experience in cross-sector British retail banking - combined with her knowledge of consumer trends - made her an “outstanding” replacement for Armengol.

“I know she will ensure TSB continues to focus on delivering the best possible service and products for their customers in the coming months,” he added.

Having joined TSB Bank in 2022, Bannister became a member of TSB’s executive team in 2024 when she took the role of director of enterprise services.

Since Santander announced its acquisition of TSB Bank in July 2025, Bannister’s primary responsibility has been preparing TSB Bank for the looming change of ownership.

Overall, Bannister has worked in the financial services sector for more than 25 years and has held positions within insurance, investment, retail and business banking.

Most notably, she spent 20 years working for Lloyds Banking Group - including in the positions of collections effectiveness director and network director for the Lloyds and Bank of Scotland branch network.

Enthusiastic about her next role, she 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."

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