TSB appoints former executive Mark Armengol as new chief executive as it faces uncertainty about its future with its parent company Facing $13bn (£10.2bn) hostile takeover bid.
Armengol, a former strategy director at TSB who has been a director since 2022, originally joined Sabadell, the British bank's Spanish owner, in 2002. He will become CEO in early 2025.
Spanish rival BBVA launched a $13 billion hostile takeover bid for Sabadell in May after its board rejected a similar bid.
Earlier this week, the European Commission said: There were no objections to the acquisition. Sabadell, a Spanish financial company founded in 1881 by 127 Catalan families, was established after completing a foreign subsidy review.
But the bid still faces a longer antitrust review by Spain's competition watchdog, the CNMC, which could extend into next year.
If the deal is completed, it will raise questions about the future of Sabadell-owned subsidiaries, including TSB, which it acquired in 2015.
Mr. Armengol will serve as TSB's chief executive officer from April 2022, succeeding Robin Block, who is retiring.
“Mark is a proven leader who knows TSB well,” said TSB Chairman Nick Prettejohn. “Marc's appointment will allow us to build on the progress we have made in recent years.”
Sabadell, which acquired TSB in 2015 for £1.7bn, has reaffirmed its commitment to helping TSB make its main contribution to improving the Spanish group's profitability.
Sabadell CEO Cesar González Bueno said he would continue to see TSB's “execution of its turnaround strategy” under Armengol.
TSB has seen a relatively large number of changes in its CEO in recent years.
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Debbie Crosby, who led the turnaround of the bank after it fell into trouble at the turn of the decade, lasted just under three years.
She joined the company in May 2019 and announced her departure to join Nationwide in December 2021 as the first female chief executive in the building society's 175-year history.
In 2018, Paul Pester resigned as chief executive after an IT meltdown locked thousands of customers out of their accounts. He held that position for seven years.
