Armengol to replace Robin Bulloch in 2025 but owner Sabadell faces $13bn hostile takeover bid by BBVA

TSB has appointed the former executive Marc Armengol as its new chief executive as the bank faces uncertainty over its future, with its parent company facing a hostile $13bn (£10.2bn) takeover bid.

Armengol, a former strategy director at TSB who has served on the board since 2022, originally joined the UK bank’s Spanish owner Sabadell in 2002. He will take over as CEO at the start of 2025.