Santander has announced the appointment of Nicola Bannister as the new chief executive of TSB Bank, effective upon completion of its £2.9 billion acquisition of the lender. Bannister will succeed Marc Armengol, who is departing to lead TSB's current owner, Sabadell Group.
Bannister currently serves on TSB's executive committee, overseeing the business transition since the deal was announced in July last year. Her responsibilities include economic crime activities and enterprise-wide services. She joined TSB in 2022 after a 20-year career at Lloyds Banking Group, where she held various leadership roles.
Santander UK CEO Mahesh Aditya, who took office on March 1, praised Bannister as the 'outstanding candidate to succeed Marc,' citing her extensive experience in British retail banking and understanding of customer needs. Bannister described her appointment as an 'incredible honour' and expressed enthusiasm for merging with Santander UK to offer improved banking services.
The acquisition, which values TSB at £2.9 billion, is pending regulatory approval and is expected to close in the first half of the year. Armengol's departure is timed to coincide with the merger's completion.
