Banc Sabadell begins a new course with Marc Armengol's gala eleven

BarcelonaSince the arrival of Marc Armengol as CEO of Banc Sabadell last May, it has been practically all joy at the Vallesan entity. During the last four months, the executive has presented near-record half-year results, with soaring revenues and a net profit of 971 million euros, has exceeded the stock market value prior to the distribution of the extraordinary dividend for the sale of the British subsidiary TSB and continues to boast of its capacity to grow alone after the failed takeover bid by BBVA. Backed by his predecessor, César González-Bueno, and by the group's chairman, Josep Oliu, Armengol seems to have landed on his feet at the entity. But it is now that the real acid test begins.

This past September 1st, the bank's new organizational structure designed by Armengol himself came into operation. The team with which the former TSB CEO must now lead the fourth largest entity in the State by asset volume. The composition of the management committee—formed precisely by eleven members—remains unchanged, but notable changes have been applied in some business areas. Known for his techie profile, Armengol has wanted to make his preferences clear.

Among the main novelties, the creation of the Corporate Transformation and Artificial Intelligence area, integrated into the strategy department, stands out. The head of this new division is Robert Duran, a veteran executive who has been with the entity for nine years. The Operations and Technology department is also strengthened in AI capabilities, and a new Business Transformation area is created, aimed at accelerating digitalization with a direct impact on clients. Leading this portfolio will be Jorge Rodríguez Maroto, who is also responsible for Retail banking and has more than five years of career at the bank.

Despite the changes, sources close to the group consulted by ARA maintain that the appointments are more of a response to resource optimization and will not have major effects on consumers. The "differential factor" of the entity, they point out, will continue to be the close relationship with clients and relationship banking.

Reorganization without revolution

The former board member of Banc Sabadell and member of the board of the entity's minority shareholders association, Joan Llonch, defines the organizational changes with the following terms: "at first it is a reorganization, but not a revolution". In this sense, the former executive positively values that the modifications arrive at a time of prosperity and that everything responds to "adapting to new times", rather than resolving errors. At the same time, the fact that the new faces are experienced executives from within the company "provides peace of mind".

On this matter, Llonch believes that the commitment to internal talent—such as Armengol himself—generates an "emotional" bond with the company that can end up being a differential factor. However, union sources consulted by the ARA fear that this will end up translating into a heavier workload for a workforce with already ambitious objectives in its strategic plan. "The pressure is already very high, at times it is unbearable", they denounce, while recalling that the attempt to make the entity more attractive after the failed takeover bid still represents a burden for the staff.

Strategic plan until 2027

Armengol already has his organizational structure, but he has inherited the strategic plan that González-Bueno designed after breaking off talks with BBVA. The objectives for 2027 include an annual profit of more than 1.6 billion euros, improving profitability and increasing the volume of mortgage loans, among others.

The CEO, therefore, will be tied hand and foot, at least in the short term. According to Llonch, the results for this 2026 will still have the "inertia" of the decisions taken previously. Thus, he expects the year 2027 to be the "touchstone" to evaluate the work of the new CEO, especially considering the current geopolitical context. For Oriol Amat, professor of Financial Economics and Accounting at Pompeu Fabra University —the center where Armengol actually graduated— the tightening of rates represents an opportunity for the bank, since the rise in the price of money contributes to the improvement of the interest margin. On the other hand, excessive inflation can end up weighing down the economy and have a negative impact on delinquency.

This week the newspaper Expansión reported that Armengol, who now has his chosen team, is already preparing Sabadell's new strategic plan beyond 2027. The idea, in line with his profile, involves continuing to bet on promoting the use of artificial intelligence to make the bank more competitive and efficient, paying a high dividend and gaining market share in companies.