Lloyds Banking Group has appointed HSBC’s global head of strategy Chirantan Barua (pictured) as the chief executive officer of its wider insurance, pensions and investments business Scottish Widows, effective 2023.
Barua will work with Lloyds chief executive Charlie Nunn at the banking group, who also happens to be a former HSBC colleague. He will replace Antonio Lorenzo, who will be retiring after more than a decade of service with several senior roles at the bank.
“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,” Nunn said.
Prior to joining HSBC in 2020, Barua was the managing director of Sanford Bernstein in 2011 and a partner for the financial services practice at McKinsey & Company in 2017.
Barua was tapped by Lloyds Banking Group for the role after it came under pressure from its largest shareholder - China’s Ping An - to separate its Asia operations to yield better returns.
An HSBC spokesperson told Reuters that the bank is currently looking to fill the soon-to-be vacant role of global head of strategy. In the meantime, Noel Quinn, chief executive officer of HSBC, congratulated Barua on the new role.
“Chira has added significant value during his time at HSBC,” Quinn said. “This is a great opportunity for him, we support him and wish him the best of luck.”
