Barua joins Lloyd’s Banking Group from HSBC, where he most recently held the role of global head of strategy, as a member of their group executive committee. Before joining HSBC, he was a partner at McKinsey & Company in their Financial Services practice, and a managing director at Sanford C Bernstein.
The appointment of Chirantan Barua, which is subject to approval, follows Antonio Lorenzo’s decision to retire in 2023.
Commenting on the appointment, Charlie Nunn, group chief executive officer at Lloyds Banking Group, has said:
“Chira has a wealth of financial services experience and I’m delighted that he has agreed to join Lloyds and help us build a better future for our customers.
“Antonio has overseen an extraordinary amount of strategic change and growth. He played a critical role in stabilising Lloyds during the financial crisis, and since 2015 as CEO of Scottish Widows has grown its assets under administration from c£130 billion to c£210 billion.”
Scott Wheway, Scottish Widows chairman, has said:
“On behalf of the Board I would like to thank Antonio for his leadership over the last seven years, where he has overseen the complete transformation and subsequent growth of the business, supported by a bold technology strategy and a number of strategic acquisitions.
“I’m pleased that, subject to regulatory approval, Chira Barua will take on the role and his appointment will ensure Scottish Widows continues to grow and support customers as a core part of Lloyds Banking Group.”
Antonio Lorenzo, Scottish Widows chief executive, added:
“Chira is joining a great team at Lloyds and Scottish Widows, with exciting growth plans and a clear purpose, and I wish him all the best. I’m hugely proud to have been part of the story of this business and will be watching the next part of the journey with great interest."