The transition will be formalized during the bank's upcoming general shareholders' meeting, pending announcement, and is conditional upon obtaining the declaration of suitability from the European Central Bank (ECB). Armengol had served as CEO of TSB since 2024, shortly before Sabadell considered selling its British subsidiary.
The board values the increasing relevance that the Spanish business holds for the Group and maintains a profile with such an exceptional level of experience and professionalism at its helm.
This strategic decision, driven by the entity chaired by Josep Oliu, underscores the growing importance of the business in Spain, a key factor in Armengol's selection. His appointment occurs amidst the context of the BBVA's hostile takeover bid and the recent transaction agreed with Santander for the sale of TSB.
In addition to the leadership change, the board also named Carlos Ventura as executive director. Ventura, considered the bank's number three, will expand his responsibilities across the Spanish business, including retail and private banking, in addition to the network and corporate banking areas he previously managed.
