TSB’s new boss takes helm amidst parent company’s uncertainty
UK retail bank TSB announced on Friday that Marc Armengol had taken over as its new chief executive officer.
Armengol, who previously served as corporate strategy director at the lender, was tapped for the role in November 2024.
His appointment follows the retirement of former boss Robin Bulloch.
Before joining TSB, Armengol worked at the UK bank’s Spanish owner Sabadell in 2022.
The Barcelona-headquartered financial firm bought TSB for £1.7bn in 2015, however has since faced hostile takeover bids itself.
The firm’s Spanish rival BBVA made a €12.28bn (£10.3bn) acquirement bid, sparking uncertainty as Armengol takes the helm at the UK subsidiary.
TSB reported a record year in February, with its pre-tax profit rising to £290.4m.
This marked a 22 per cent jump from the year before, and the highest profit recorded since the bank returned to the high street in 2013.
Cost-cutting measures amidst a competitive mortgage market were cited as driving the bank’s results, with operating expenses falling 3.6 per cent to £821.9m.
Commenting on the new appointment, TSB’s board chair, Nick Prettejohn said: “TSB continues to build on its position as an important retail bank that’s delivering on its money confidence purpose and I’m delighted that Marc will now return to lead the business.
“Not only does Marc have extensive experience in banking at the highest international level – but he has been at the heart of TSB for several years.
“I have no doubt that we will benefit hugely from Marc’s strategic vision and ambition for the business; his expertise across retail banking and technology; and his absolute focus on delivering even more for our customers.”
Armengol said: “As a recognised household name, with a modern technology platform, and an outstanding focus on the issues that matter most to our customers – I believe TSB is set up for an even brighter future ahead.”