Finance
Sabadell names TSB boss as new CEO to oversee technology push
Published by Global Banking & Finance Review®
Posted on February 5, 2026
2 min readLast updated: February 5, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on February 5, 2026
2 min readLast updated: February 5, 2026
Sabadell appoints Marc Armengol as new CEO, replacing Cesar Gonzalez-Bueno after a successful defense against BBVA's takeover bid.
By Jesús Aguado
MADRID, Feb 5 (Reuters) - Sabadell said on Thursday its board had proposed Marc Armengol as its new chief executive to oversee its technological transformation and to ensure the Spanish bank maintains its strong track record on profitability.
Armengol, currently CEO of Sabadell's British lender TSB, will replace Cesar Gonzalez-Bueno, whose departure comes after the country's fourth-largest bank by market value successfully fended off a hostile takeover bid from larger rival BBVA.
Gonzalez-Bueno, who will resign from all his duties, has been at the helm of the bank for a five-year period during which its shares have risen 12-fold, the bank said in a statement.
"My priorities will centre on achieving the goals set for 2026 and 2027 and preparing the bank for the necessary transformation to progress to the next level," Armengol, who is expected to take over in May, said in the statement.
As part of its standalone strategy, Sabadell has vowed to distribute 6.45 billion euros to shareholders in the 2025-2027 period. It also aims for a net profit of more than 1.6 billion euros in 2027, without TSB.
In July, Sabadell agreed to sell TSB to Santander, a deal where Armengol played a key role. The transaction is set to be concluded in the second quarter of this year.
Armengol joined Sabadell in 2002, spanning leadership roles in technology, operations and strategy and became CEO of TSB in November of 2024, increasing TSB's contribution to the group's earnings.
He will take over at a time when banks are under pressure from lower interest rates. The market is focusing now on whether the bank's profitability outlook is sustainable without the contribution from TSB, which accounted for 18.5% of its earnings as of September.
Sabadell's board also appointed Carlos Ventura as business managing director in Spain. Ventura also joined the bank's board.
(Reporting by Jesús Aguado, editing by Andrei Khalip and Jane Merriman)
A hostile takeover occurs when an acquiring company attempts to take control of a target company against the wishes of the target company's management and board of directors.
Corporate governance refers to the systems, principles, and processes by which a company is directed and controlled, focusing on the relationships among the company's management, board, shareholders, and other stakeholders.
The chief executive officer (CEO) of a bank is responsible for the overall management and strategic direction of the bank, ensuring it operates effectively and meets regulatory requirements.
The financial community encompasses all individuals and organizations involved in the finance sector, including banks, investors, regulators, and financial institutions, working together to facilitate financial transactions and services.
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