Santander names new boss of TSB ahead of merger

Santander has announced plans to appoint Nicola Bannister as the new boss of TSB Bank after it takes over the high street lender.

She will take the reins from outgoing chief executive Marc Armengol when the deal completes.

Ms Bannister is currently on TSB’s executive committee and has been overseeing the business transition for TSB since the £2.9 billion acquisition by Santander was unveiled in July last year.

Her current role involves leading on all economic crime activities for the bank, as well as key enterprise-wide services.

She spent two decades in a variety of leadership roles at Lloyds Banking Group before moving to TSB in 2022.

TSB announced last month that Mr Armengol will be leaving the bank to join its current Spanish owner Sabadell Group as chief executive.

The move is set to coincide with TSB being bought by its bigger rival Santander UK, which the firms expect to happen during the first half of the year.

Santander’s takeover of TSB is waiting on regulatory approval before being finalised.

Mahesh Aditya, who became Santander UK chief executive on March 1, said Ms Bannister was the “outstanding candidate to succeed Marc”.

“She brings extensive experience of British retail banking across all sectors, with a keen understanding of what customers need and expect from their bank,” he said.

“I know she will ensure TSB continues to focus on delivering the best possible service and products for their customers in the coming months.”

Ms Bannister said it was an “incredible honour” to become chief executive, “particularly as we join forces with Santander UK – with the prospect of offering even better banking for customers in the UK”.

Santander struck a deal last year to buy the British bank from its parent firm Sabadell.

The deal valued TSB at £2.65 billion but the sale price is estimated to rise to £2.9 billion once the transaction completes.