Barclays Bank has announced the board of its non-ring fenced business, Barclays International (BI).
The business has been created to comply with new rules, from the EU Commission, forcing British banks to separate retail operations from riskier business operations to avoid another financial crisis.
The separation will take place in the first half of 2018 and BI will become Barclays’ non-ring fenced bank. It will be responsible for oversight of the corporate and investment bank and international cards and payments businesses.
The search for board members has been led by Sir Gerry Grimstone, deputy chair and senior independent director of Barclays Group, who will also be appointed chair of the BI board.
The appointments take effect from August 1 this year, following regulatory approval. The board will comprise:
Executive board members:
Independent non-executive board members:
Grimstone said: “The formation of the Barclays International board is another important step in strengthening our corporate governance as we prepare for the stand-up of the ring-fenced bank next year.”