Armengol takes over as TSB39;s CEO at beginning of 2025
Bulloch retires after 45year career in retail banking
CEO of Sabadell says Armengol will help TSB turnaround

MADRID, Nov 29 Reuters Marc Armengol will succeed Robin Bulloch as Chief Executive Officer of Britain39;s TSB bank at the beginning of 2025 to oversee its turnaround strategy, its Spanish owner Sabadell said on Friday.

Bulloch, who will retire after a 45year career in retail banking, joined TSB in 2019 and was appointed CEO in 2021.

The reshuffle comes as Sabadell tries to fend off a hostile takeover bid from BBVA and as TSB undertakes a restructuring process to boost its profitability.

Armengol joined Sabadell in 2002. He has been a member of TSB39;s board since 2022 and was also the British bank39;s director of corporate strategy in 20182021, during which time he helped transform and grow TSB39;s digital business, Sabadell said.

He was most recently Sabadell39;s director of operations and technology, a role that will be taken over by the current general manager of sustainability and efficiency, Elena Carrera.

Sabadell reaffirmed its commitment to help TSB become a main contributor to improving the group39;s profitability with Sabadell CEO Cesar GonzalezBueno saying it would continue to see TSB39;s turnaround strategy in action under Armengol.

The Spanish bank39;s 1.7 billion pound acquisition of TSB in 2015 ran into difficulties more than six years ago when IT glitches sent costs spiralling….