30 June 2015

TSB Banking Group Announces Board Changes

TSB Banking Group plc ("TSB") today announces that, having joined the Banco de Sabadell group ("Sabadell"), Miguel Montes and Tomás Varela are to join its Board as Non-Executive Directors with immediate effect.  Non-Executive Directors Philip Augar, Norval Bryson and Mark Fisher are to resign with immediate effect.

Following today's announcement, TSB's Non-Executive Directors will therefore comprise Will Samuel,(Chairman); Dame Sandra Dawson, Miguel Montes, Sandy Kinney Pritchard, Stuart Sinclair, Tomás Varela and Polly Williams. Its Executive Directors will continue to be Paul Pester,(Chief Executive) and Darren Pope,(Chief Financial Officer).

Commenting on the appointments, Will Samuel, Chairman of TSB Banking Group plc, says: "I am delighted to welcome the new members of the Board, which reflect our new ownership following completion of the Sabadell deal

"I thank Philip, Norval and Mark for their service during a pivotal time in TSB's history.  All have helped to guide us through a high profile IPO and the implementation of our strategy to deliver better banking to Britain and the acquisition of TSB by Sabadell.   

"We look forward to working with Miguel and Tomás to deliver local banking to Britain and to provide a different and better kind of service to our customers.  They bring valuable and wide ranging experience with them that will be instrumental in shaping TSB's future."

- Ends -

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Notes to editors

Director Appointments

Miguel Montesis General Manager and Chief Operations and Corporate Development Officer of Sabadell, which he joined in 2001.  He has extensive retail banking experience having held senior positions at Deutsche Bank, Banco Atlántico and Banca Catalana in the 21 years prior to joining Sabadell.  

Currently, Sr. Montes leads Sabadell's technology; innovation; operations; organisation; and efficiency functions.  In addition, he holds responbility for the bank's corporate development function and is a member of the bank's Management Committee.

Since joining the bank in 2001, he has led a number of strategic and technological projects which have contributed significantly to the bank's transformation.  These projects include national and international acquisitions, (Banco Herrero, Banco Atlántico, Banco Urquijo, Banco Guipuzcoano, Banco CAM, Penedès in Spain; and Mellon United National Bank, Lydian Private Bank, Lloyds, and JGB in the United States). 

Throughout these acquisitions, Sr. Montes has developed capabilities in risk identification; mitigation; monitoring; and management.  Additionally, he has played a leading role in designing business strategy, IT architecture, operations and governance and control arrangements. 

Sr. Montes led Sabadell's technological platform renovation; the development of its multi-channel strategy and the transformation of the its operating model.

He is Vicepresident of Solvia, a Board member of the SAREB (Sociedad de Gestión de Activos procedentes de la Reestructuración Bancaria), Sabadell United Bank in the US; and President of Sabadell Capital, SOFOM in Mexico.  Furthermore, he is a member of Mastercard's Continental Europe Advisory Board. 

Sr. Montes is academic adviser at ESADE Business School.  He holds a Global Executive MBA from ESADE and an MBA from Georgetown University (McDonough School of Business - School of Foreign Services).

Tomás Varelais General Manager and Chief Financial Officer of Sabadell, which he joined in 1992.  Over 23 years he has developed his career at Sabadell, having previously held different managerial positions in the insurance sector at Allianz (Spain) and as an auditor at Price Waterhouse (a legacy firm of "PWC") over a 10 year period.

In his current role, Sr. Varela's responsibilities include financial reporting; asset and liability management; funding structure; economic analysis; accounting and financial management; capital management; short, medium and long term financial planning; cost management; M&A financial structure; and investor relations. He is a member of Sabadell's Management Committee.

During his time at Sabadell, Sr. Varela spent nine years in the bank's internal audit function when it was in an early stage of development.  He introduced, amongst other things, the bank's first audit committee and was actively involved in the design and implementation of an integrated management approach for internal controls, quality and operational risk; the introduction of the bank's compliance function; and the creation of its first internal model to measure operational risk. 

Sr. Valera is a Certified Public Accountant and Certified Insurance Broker.  He holds a B.Sc. in Economics from the University of Barcelona and a MBA in International Business from the European University (Barcelona).

TSB Board Structure
ChairmanWill Samuel 
Chief Executive Officer Paul Pester 
Chief Finance OfficerDarren Pope
Non-Executive DirectorsDame Sandra Dawson (Remuneration Committee Chair)
Miguel Montes
Sandy Kinney Pritchard (Risk Committee Chair)
Stuart Sinclair
Tomás Varela
Polly Williams (Audit Committee Chair)


For further information about TSB, please visit our website www.tsb.co.uk.



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