TSB Bank names new boss as Robin Bulloch to retire after 45-year career

TSB Bank has announced the appointment of Marc Armengol as its new CEO, succeeding current boss Robin Bulloch who is set to retire after a 45-year banking career.

The bank revealed on Friday that Armengol, currently serving as the director of operations and technology at Spanish parent company Banco de Sabadell, is expected to take up his new role at TSB in early 2025, as reported by City AM.

Armengol, who has been a member of TSB's board since 2022, previously held the position of strategy director and was part of TSB’s executive committee from 2018 to 2021. He joined Sabadell in 2002 and has occupied several roles, including a three-year term as chief operating officer of its international businesses.

TSB's chair, Nick Prettejohn, praised Armengol as "is a proven leader and knows TSB well". Bulloch, who became TSB’s permanent CEO in April 2022 following a four-month interim period after Debbie Crosbie left for Nationwide Building Society, said: "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," He added that ending his executive career at TSB, where he opened his first bank account at age five, gives him "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."

This leadership transition, which is subject to regulatory approval, comes at a crucial time for TSB as Sabadell battles a hostile takeover bid from larger domestic competitor BBVA.

If BBVA's takeover bid is successful, it is anticipated that the Spanish banking giant may look to sell TSB due to its relatively small footprint in the UK market, a contrast to Sabadell's more extensive operations. Marc Armengol commented on the situation as various international authorities have already approved BBVA’s proposal, yet the Spanish government has expressed opposition.

Moreover, an antitrust investigation by Spain's competition authority could delay proceedings until 2025.

TSB is concurrently undergoing a restructuring effort aimed at bolstering its profitability. In May, the bank announced plans to eliminate approximately 250 jobs and close 36 branches as part of a cost-cutting strategy that includes a pivot towards digital services.

Armengol shared his enthusiasm about "building on the great work and passion and commitment of TSB colleagues".

The history of TSB dates back to 1810 when it was established as the Trustee Savings Bank. It merged with Lloyds Banking Group in 1995 but was later sold off following the financial crisis.

Sabadell acquired TSB for £1.7 billion in 2015. However, TSB faced significant challenges under new ownership, particularly in 2018 when an IT disaster occurred during an attempt to transfer customer data to Sabadell's new computer system.