Mar 19, 2018

Barclays shuffles boards ahead of ‘ringfencing’ rules

Barclays has announced a series of board reshuffles as it prepares to split out its retail and small business operations into a new bank to meet UK regulators' "Ringfencing" requirements. Under the ringfencing plans, Barclays Bank UK Plc, as the new bank will be called, will hold the group's "Core" retail services, such as deposit-taking and lending to individuals and small companies. Barclays Bank Plc - currently the main operating entity in the UK - will own the riskier corporate and investment bank, international private banking and non-UK cards businesses. The following changes will take place around April 1:.Sir Gerry Grimstone, currently deputy chairman and senior independent director of both Barclays Plc and Barclays Bank Plc, will become chairman of Barclays Bank Plc and stay on as a non-executive director of Barclays Plc.All Barclays Plc directors other than Sir Gerry and group chief executive Jes Staley will retire from the board of Barclays Bank Plc.A new board of Barclays Bank Plc will be made up from the ranks of the current directors serving on the Barclays International Divisional Board. Sir Ian Cheshire will be chairman of Barclays Bank UK Plc and non-exec of Barclays Plc.Crawford Gillies becomes senior independent director of the listed parent Barclays Plc and stays on as remuneration committee chair.

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