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Experienced retail banking CEO David Thorburn to join the Board of Barclays Bank UK PLC as Non-Executive Director and Board Risk Committee Chair

Barclays Bank UK PLC, Barclays’ future ring-fenced bank, is pleased to announce the appointment of David Thorburn as a Non-Executive Director and Board Risk Committee Chair, subject to regulatory approval. David’s appointment completes the Board composition.

Mr Thorburn will bring significant retail & commercial banking and board-level experience to Barclays Bank UK PLC. He is currently an Independent Non-Executive of EY and was until recently an External Member of the Bank of England’s Prudential Regulatory Committee.

In addition to Mr Thorburn, the Board comprises:

Executive Directors:

  • Ashok Vaswani, Chief Executive Officer

  • Anna Cross, Chief Financial Officer

Independent Non-Executive Directors:

  • Sir Ian Cheshire, Chair

  • Michael Jary, Board Remuneration Committee Chair

  • Andrew Ratcliffe, Board Audit Committee Chair

  • Avid Larizadeh Duggan

  • Kathryn Matthews

  • Chris Pilling

  • Sir John Timpson CBE

Announcing David’s appointment, Sir Ian Cheshire said: “David’s understanding of financial services, breadth of experience, and proven track record will make him an invaluable member of the new Board.”

David Thorburn said: “I am delighted to be joining the Barclays Bank UK Board and to have the opportunity to help shape the new ring-fenced arm of Barclays. I’m confident that we can build on the strengths of this great business by ensuring a relentless focus on helping our 24 million customers.”

The Barclays UK business comprises retail banking (including Premier and Mortgages), business banking, Wealth and Investment Management UK and Barclaycard UK.

Notes to editors

Ring-fencing of day-to-day banking services is one of the reforms brought in by the UK government, aiming to strengthen the financial system following the financial crisis that began in 2008.

Barclays will satisfy this requirement by setting up a new ring-fenced bank, in April 2018, which will be separate from Barclays Bank PLC. The two entities will operate alongside, but independently from, one another as part of the Barclays Group under the listed entity, Barclays PLC. 

Barclays' ring-fenced bank and its subsidiaries will provide day-to-day products and services to individuals and businesses (with a turnover less than £6.5m) in the UK.

Products and services designed for our larger corporate, wholesale and investment banking clients will continue to be offered by Barclays Bank PLC and its subsidiaries.

Approval was received on 9 March 2018 from the Prudential Regulation Authority and the High Court of England and Wales (the “Court”) to complete the restructure using a legal process called a Ring-Fencing Transfer Scheme (the “Scheme”) under Part VII of the Financial Services and Markets Act 2000.

We expect to implement the restructure in the first half of 2018, well ahead of the 1 January 2019 legislative deadline.

About Barclays UK

Barclays UK looks after a financial need for 24 million people in the UK covering current accounts, savings, cards, loans, mortgages, investments, wealth management and business banking.

About Barclays

Barclays is a transatlantic consumer and wholesale bank with global reach, offering products and services across personal, corporate and investment banking, credit cards and wealth management, with a strong presence in our two home markets of the UK and the US.

With over 325 years of history and expertise in banking, Barclays operates in over 40 countries and employs approximately 85,000 people. Barclays moves, lends, invests and protects money for customers and clients worldwide.

For further information about Barclays, please visit our website www.home.barclays .