TSB Bank has announced the appointment of Marc Armengol as its new chief executive officer, marking a significant leadership transition as the bank navigates a complex business landscape.

Armengol will succeed Robin Bulloch, who is set to retire after a 45-year career in retail banking. The appointment, subject to regulatory approval, is expected to take effect in early 2025, with Armengol rejoining TSB after previously serving as the bank's strategy director from 2018 to 2021.

The leadership change comes at a critical moment for TSB, which is currently owned by Banco Sabadell and facing a hostile takeover attempt by rival BBVA. Nick Prettejohn, TSB's chair, expressed confidence in the new appointment, stating: "Marc 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."

Armengol, who has been a member of the TSB Board since 2022, currently serves as chief operations officer for Banco Sabadell. He brings over 20 years of experience in financial services, having led multi-national transformation programmes and spearheaded significant strategic initiatives.

Outgoing chief executive officer Robin Bulloch reflected on his career with personal sentiment, saying: "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."

The transition occurs against a backdrop of significant challenges. TSB is currently implementing a restructuring strategy, which includes cutting approximately 250 jobs and closing 36 branches to reduce costs and shift towards digital services. The bank has also been working to improve its profitability, reporting a 23 per cent annual rise in net profit to 59 million pounds in the third quarter.

Sabadell's chief executive officer Cesar Gonzalez-Bueno has reaffirmed the company's commitment to TSB, indicating that the bank remains a crucial part of their long-term growth strategy. The Spanish bank acquired TSB for 1.7 billion pounds in 2015, despite earlier challenges including a significant IT systems migration issue.

Armengol expressed enthusiasm about his new role, stating: "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."

The appointment comes as speculation continues about BBVA's potential takeover of Sabadell, with several international authorities having already approved the bid. However, the Spanish government has opposed the potential takeover, and an antitrust review could extend well into 2025.

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