Lloyds Banking Group PLC (LSE:LLOY) has poached the head of strategy from HSBC Holdings PLC (LSE:HSBA) to head up its Scottish Widows arm, which covers its insurance, pensions and investments business.
Chirantan Barua, who has only been at the Asia-focused lender since 2020, will replace Antonio Lorenzo when he retires next year.
Barua joined HSBC from consultant McKinsey, where he was a financial services partner, following a six-year stint heading Sanford C Bernstein's banking research team, and time at Standard Chartered and Citigroup in India.
Lorenzo, was brought into Lloyds in 2011 by former chief António Horta-Osório, and became chief executive of Scottish Widows in 2015.
Under his leadership and increased investment by the group into wealth management and other activities outside banking during the low interest-rate years, its assets have grown from £130bn to £210bn.
Charlie Nunn, Lloyds current chief executive, said: “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.”
Scottish Widows chair Scott Wheway said that Barua will “ensure Scottish Widows continues to grow and support customers as a core part of Lloyds Banking Group.”