19th Mar 2018 11:13
LONDON (Alliance News) - Barclays PLC on Monday made a series of changes to the board of its subsidiary Barclays Bank PLC, following the establishment of a new bank, Barclays Bank UK PLC, in response to the UK's ring-fencing legislation.
Barclays Bank UK PLC will be the FTSE 100 lender's UK ring-fenced bank, containing its UK retail and small business operations. Barclays Bank PLC will hold the group's corporate & investment bank and its international private banking and non-UK cards businesses, while Barclays PLC will remain the London-listed parent company. Barclays Services Ltd will provide services to all three companies.
Barclays PLC Deputy Chairman Gerry Grimstone, who also is chairman of Standard Life Aberdeen PLC, will move to become chairman of Barclays Bank PLC. Grimstone also will remain a non-executive director of Barclays PLC
All directors other than Grimstone and Barclays PLC Chief Executive Officer Jes Staley will retire from Barclays Bank PLC's board, and a new board will be set up under Grimstone.
Non-Executive Director Ian Cheshire will become chairman of Barclays Bank UK PLC, while remaining a non-executive director of Barclays PLC. Cheshire is the former chief executive officer of DIY store chain Kingfisher PLC.
All of the changes will occur with effect on April 1.
Shares in Barclays were up 3.8% at 217.40 pence on Monday.
Related Shares:
Barclays
