Lloyds appoints HSBC executive Chirantan Barua as insurance chief executive

LONDON, Nov 15 (Reuters) – Lloyds Banking Group (LLOY.L) said on Tuesday it had appointed HSBC head of strategy Chirantan Barua as chief executive of Scottish Widows and its broader insurance, pensions and investments businesses.

Lloyds said Baruya would join his former HSBC colleague Charlie Nunn, now Lloyds chief executive, next year.

Nunn has overseen a shake-up of the top team at Britain’s largest domestic bank since taking over from longtime chief executive Antonio Horta-Osorio last year.

The bank added that Barua will succeed Antonio Lorenzo – who has held a senior role at Lloyds since 2011 and was a key deputy at Horta-Osorio – who will retire next year.

HSBC is currently in a row with its largest shareholder, Ping An, over the direction of the British lender.

HSBC has also embarked on a series of asset disposals in recent years to contain costs and tighten its focus, divesting its retail banking business in the US and France. It also wants to sell its entire Canadian unit.

An HSBC spokesman said the bank plans to fill vacancies and will make an announcement in due course.

“Chira has added significant value during his tenure at HSBC. This is a great opportunity for him and we support him and wish him the best of luck,” said HSBC chief executive Noel Quinn.

Reporting by Lawrence White and Iain Withers, Editing by Sinead Cruise

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