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Ian Cheshire has been confirmed as the chairman of the new Barclays UK ring-fenced bank, the lender said today.
Sir Ian will also become a non-executive director of Barclays from 3 April.
Barclays UK, which is in the process of being established, will be made up of the lender’s UK retail banking, business banking, consumer credit card and wealth management businesses. It is being set up in line with regulations that require banks to ringfence their UK retail operations to protect taxpayers.
Sir Ian is currently chairman of Debenhams, a post he has held since April 2016. Barclays had asked regulators to approve his appointment as UK chairman in December.
Barclays chairman John McFarlane said:
I am delighted to welcome Sir Ian Cheshire to the Barclays Boards.
Identifying a chairman for Barclays UK is, of course, an important step on our journey to establish our UK ring-fenced bank and I welcome the opportunity to work closely with Sir Ian as we take Barclays forward in its new structure.
Sir Ian said:
I am very much looking forward to joining the Barclays Boards and to supporting all our colleagues in Barclays UK as we establish the UK ring-fenced bank and continue to innovate and improve our service to our customers.
UK banks with more than £25bn of UK deposits are required to hive off their UK retail operations into standalone entities by 2019 under a law designed to protect taxpayers from any future bank bailouts.