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Barclays names chairmen for Barclays Bank, new ring-fenced unit


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Barclays names chairmen for Barclays Bank, new ring-fenced unit

Barclays Plc named Gerry Grimstone chairman of Barclays Bank Plc and Ian Cheshire chairman of Barclays Bank UK Plc, a new unit of the group that will house business "ring-fenced" under U.K. legislation requiring the separation of domestic retail and similar business.

They will remain nonexecutive directors of Barclays Plc.

Grimstone is deputy chairman and senior independent director of Barclays and Barclays Bank Plc, which will house the corporate and investment bank and international private banking and non-U.K. cards businesses. All Barclays Plc directors other than Grimstone and CEO Jes Staley will retire from the Barclays Bank Plc board and a new board, including the current directors on the Barclays International divisional board, will be formed.

Grimstone announced in February that he would step down as chairman of Standard Life Aberdeen Plc by the end of 2019.

Crawford Gillies, who has been on Barclays' board since May 1, 2014, will become senior independent director of Barclays. Mary Francis will replace Grimstone as chair of the Barclays Plc reputation committee.

All appointments will take effect when the new ring-fenced structure becomes operational around April 1.