Lloyds Banking Group has appointed Chirantan Barua from HSBC as chief executive of its Scottish Widows business, which includes its protection insurance operation.
Barua’s appointment, which is subject to regulatory approval, follows Antonio Lorenzo’s decision to retire in 2023.
He will join next year from HSBC where he has most recently held the role of global head of strategy, as a member of its group executive committee.
Before joining HSBC, Barua was a partner at McKinsey & Company in its financial services practice, and a managing director at Sanford C Bernstein.
Earlier in his career, he held strategy, management and operational roles at Standard Chartered and Citigroup in India.
Charlie Nunn, group chief executive officer of Lloyds Banking Group noted Barua has a wealth of financial services experience, before thanking Lorenzo for his work.
“Antonio has overseen an extraordinary amount of strategic change and growth,” Nunn said.
“He played a critical role in stabilising Lloyds during the financial crisis, and since 2015 as CEO of Scottish Widows has grown its assets under administration from c£130bn to c£210bn
“Antonio came to me some time ago to let me know he intended to retire, but very kindly agreed to stay and work with me to reshape the organisation, giving me time to search for a successor and ensure we have a smooth transition period for Chira.”
Scott Wheway, chairman of Scottish Widows added: “I’m pleased that, subject to regulatory approval, Chira Barua will take on the role and his appointment will ensure Scottish Widows continues to grow and support customers as a core part of Lloyds Banking Group.”