The new board has been created in readiness for ring-fencing legislation which will see the Barclays UK business transfer from Barclays Bank to a separate legal entity, Barclays Bank UK.

Barclays Bank UK, Barclays’ future ring-fenced bank, has announced the composition of its board, subject to regulatory approval.

The new board has been created in readiness for ring-fencing legislation which will see the Barclays UK business transfer from Barclays Bank to a separate legal entity, Barclays Bank UK. The transfer is expected to take place in April 2018, subject to court approval, the firm said in a statement.

The board will, on separation, assume responsibility for the Barclays UK business. The non-executive director appointments will take effect from 1 January 2018, subject to regulatory approval. In addition to chairman of the Barclays Bank UK board, Sir Ian Cheshire, the board will comprise:

Executive Directors:
• Ashok Vaswani, chief executive
• Anna Cross, chief financial officer

Independent Non-Executive Directors:
• Michael Jary - chairman of Duchy Originals and senior partner and co-founder of OC&C Strategy Consultants. He previously served on the board of Nationwide Building Society, where he was a member of the remuneration committee and was involved in overseeing its investment in digital and cyber resilience.

• Avid Larizadeh Duggan - is a venture capitalist and a general partner at GV, the venture arm of Alphabet. She has spent her career in technology as a founder, operator and investor. She co-founded Boticca, a global marketplace for independent brands of high end fashion accessories.

• Kathryn Matthews - has spent her entire career in investment management, most recently as chief investment officer, Asia-Pacific for Fidelity International. She previously held senior positions at William M Mercer, AXA Investment Managers, Santander Global Advisers and Baring Asset Management.

• Andrew Ratcliffe - is a past president of the Institute of Chartered Accountants in England and Wales. He was an audit partner with PricewaterhouseCoopers for 29 years, during which time he was the lead audit partner for several large international groups including Barclays.

• Sir John Timpson CBE - is chairman of the family owned Timpson service retail chain with over 1,900 stores in the UK.

The bank said that two further appointments to the board are planned for early next year.

“Barclays UK has a financial relationship with 24 million customers and clients in every community in the UK. It is therefore crucial that we have a board not only of the highest calibre, but of diverse perspectives and broad experience,” said Cheshire. “This is a board who will speak their minds as leaders from a range of different backgrounds. It brings together people with a strong entrepreneurial mindset, real knowledge of the impact of digital transformation in business, and a deep understanding of the needs of consumers and of consumer-centric businesses."

Cheshire added: “My board colleagues bring a wealth of experience and insight to the bank and embody the highest standards of corporate governance and oversight. I look forward to working with them as we help Barclays UK continue to meet the aspirations of our customers and clients.”

The Barclays UK business comprises of retail banking (including premier and mortgages), business banking, wealth and investment management UK, and Barclaycard UK.