Banco Sabadell’s (SABE.MC) board has nominated Marc Armengol as its new chief executive officer, the bank announced on Thursday. Armengol, currently CEO of Sabadell’s British lender TSB, is expected to assume the role in May. His appointment is aimed at overseeing Sabadell’s technological transformation and maintaining its strong profitability. Banco Sabadell is a Spanish financial institution offering a range of banking services to individuals and businesses. It is the fourth-largest bank in Spain by market value.
Armengol will succeed Cesar Gonzalez-Bueno, whose departure follows the bank’s successful defence against a hostile takeover bid from BBVA (BBVA.MC). Gonzalez-Bueno will resign from all his duties after a five-year tenure that saw Sabadell’s shares increase twelvefold, according to the bank. As CEO of TSB, Armengol played a key role in Sabadell’s agreement to sell TSB to Santander (SAN.MC) in July. The transaction is scheduled to be finalised in the second quarter of this year.
Armengol stated his priorities will focus on achieving the goals set for 2026 and 2027 and preparing the bank for the necessary transformation to progress to the next level. As part of its independent strategy, Sabadell has pledged to distribute 6.45 billion euros to shareholders between 2025 and 2027. The bank also aims for a net profit exceeding 1.6 billion euros in 2027, excluding TSB’s contribution.
Armengol initially joined Sabadell in 2002 and has held leadership positions in technology, operations, and strategy. He became CEO of TSB in November 2024, where he increased TSB’s contribution to Sabadell’s earnings. Sabadell’s board also appointed Carlos Ventura as business managing director in Spain, and he will also join the bank’s board. Armengol’s appointment occurs at a time when banks face pressure from lower interest rates, and market attention is focused on Sabadell’s profitability outlook without TSB, which accounted for 18.5% of its earnings as of September.
