Barclays Bank has announced the creation of its new Board, in anticipation of new ring-fencing legislation.
The new legislation will see the Barclays UK business transfer from Barclays Bank PLC to a separate legal entity, Barclays Bank UK PLC.
The transfer is expected to take place in April 2018, subject to Court approval and after the split, the Board will take on responsibility for the Barclays UK business.
The search for Board members was led by Sir Ian Cheshire, Chairman of the Barclays Bank UK PLC Board and non-executive director of Barclays PLC.
The non-executive director appointments will take effect from 1 January 2018, subject to regulatory approval. In addition to Sir Ian, the Board will be made up of Ashok Vaswani as Chief Executive Officer and Anna Cross as Chief Financial Officer.
Independent non-executive directors of the board will be: Andrew Ratcliffe, Michael Jary, Avid Larizadeh Duggan, Kathryn Matthews and Sir John Timpson CBE. There two more appointments are planned for early next year.
Ratcliffe is a former President of the Institute of Chartered Accountants in England and Wales (ICAEW) and was an audit partner with PwC for 29 years as well as serving as chairman of the PwC network’s Global Board.
Jary is Chairman of Duchy Originals and senior partner and co-founder of OC&C Strategy Consultants. He previously served on the board of Nationwide Building Society, and is Chair of the Board of Trustees for Fairtrade Foundation and Chair of Itad, the leading advisory firm in international development.
Duggan is a venture capitalist and a general partner at GV, the venture arm of Alphabet. She has spent her career in technology and also serves on the Harvard Business School European Advisory Board as a Non-Executive Director on Wonderbly and is on the Board of Trustees for Founders4Schools, a foundation for promoting entrepreneurship in education.
Matthews spent her career in investment management, most recently as chief investment officer, Asia Pacific, for Fidelity International. She previously held senior appointments with William M Mercer, AXA Investment Managers, Santander Global Advisers and Baring Asset Management. She is on the boards of BT Investment Management PLC, APERAM, Rathbones and JP Morgan Chinese Investment Trust. She also sits on the board trustees for the Nuffield Trust and is a Council Member of the Duchy of Lancaster.
Sir Timpson is Chairman of the Timpson retail chain and pioneered a programme that successfully employs ex-offenders.
The Barclays UK business comprises retail banking (including Premier and Mortgages), business banking, Wealth and Investment Management UK and Barclaycard UK. Ring-fencing of day-to-day banking services is one of the reforms brought in by the government to strengthen the financial system, following the financial crisis.
Barclays has responded by setting up a new ring-fenced bank that will be separate from Barclays Bank PLC. The two entities will operate alongside, but independently from, one another as part of the Barclays Group under the listed entity, Barclays PLC. Barclays’ ring-fenced bank and its subsidiaries will provide day-to-day products and services to individuals and businesses with a turnover less than £6.5 million in the UK.
Products and services designed for larger corporate, wholesale and investment banking clients will continue to be offered by Barclays Bank PLC and its subsidiaries.
Barclays is currently awaiting approval from the Prudential Regulation Authority and the High Court of England and Wales, to complete the restructure. If approved, the restructure is expected to take place in the first half of 2018.
Announcing the Board, Sir Ian Cheshire said:“Barclays UK has a financial relationship with 24 million customers and clients in every community in the UK. It is therefore crucial that we have a Board not only of the highest calibre, but of diverse perspectives and broad experience.
“This is a Board who will speak their minds as leaders from a range of different backgrounds. It brings together people with a strong entrepreneurial mindset, real knowledge of the impact of digital transformation in business, and a deep understanding of the needs of consumers and of consumer-centric businesses.
“My Board colleagues bring a wealth of experience and insight to the bank and embody the highest standards of corporate governance and oversight. I look forward to working with them as we help Barclays UK continue to meet the aspirations of our customers and clients.”