November 30, 2017 / 10:04 AM / a year ago

Barclays appoints board for future ring-fenced bank

FILE PHOTO: A Barclays logo is pictured outside the Barclays towers in Johannesburg, South Africa, December 16, 2015. REUTERS/Siphiwe Sibeko/File Photo - RC158A8746E0

(Reuters) - Barclays has appointed five non-executive directors to the board of a new company formed to help it comply with post-crisis rules forcing British banks to ring-fence their retail operations from their riskier business.

They will join former Kingfisher Chief Executive Ian Cheshire, chairman of the new company and two more appointments are planned for early next year, Barclays said.

The high street lender also appointed Ashok Vaswani as chief executive officer and Anna Cross as the finance chief of Barclays Bank UK Plc, its future ring-fenced bank.

Vaswani joined Barclays in 2010 and his most recent role was CEO for UK retail and business banking, while Cross was most recently CFO at Barclays UK.

The non-executive directors include Avid Duggan, a senior investment professional at Google’s parent company Alphabet, John Timpson, the owner of the British shoe repair chain, Kathryn Matthews a former Fidelity director, Michael Jary, who has worked at OC&C Strategy Consultants and Andrew Ratcliffe, who was an audit partner with PricewaterhouseCoopers for 29 years.

Barclays said the transfer of its UK business from Barclays Bank Plc to the new legal entity is expected to take place in April.

Reporting by Noor Zainab Hussain in Bengaluru; Editing by Keith Weir

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