Barclays announces appointments to board of new ring-fenced bank

Barclays announced the appointment of five non-executive directors on Thursday to the board of its new ring-fenced bank, Barclays Bank UK PLC.

Chief executive Ashok Vaswani and chief financial officer Anna Cross will be executive directors of the new bank. In addition, Barclays has appointed Michael Jary, Avid Larizadeh Duggan, Kathryn Matthews, Andrew Ratcliffe and Sir John Timpson as non-executive directors. Two further appointments are planned for early next year to complete the board.

Jary is chairman of Duchy Originals and senior partner and co-founder of OC&C Strategy Consultants, while Duggan is a venture capital and a general partner at GV, the venture arm of Alphabet. Kathryn Matthews has spent her entire career in investment management, most recently as chief investment officer of Asia Pacific for Fidelity International.

Andrew Ratcliffe is a past president of the Institute of Chartered Accountants in England and Wales, while Sir John Timpson is chairman of the family owned Timpson service retail chain.

Chairman Ian Cheshire said: "Barclays UK has a financial relationship with 24m 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."

Ring-fencing of day-to-day banking services is one of the reforms brought in by the UK government, aiming to strengthen the financial system following the 2008 financial crisis.

At 1135 GMT, the shares were up 0.4% to 194.99p.