TECH FOUNDER AVID LARIZADEH DUGGAN TO JOIN NEW BOARD OF BARCLAYS BANK UK PLC
Barclays Bank UK PLC, Barclays’ future ring-fenced bank, is pleased to announce that Avid Larizadeh Duggan, general partner at Google Ventures (GV), will be joining its new Board, subject to regulatory approval.
Avid, who was recognised as a Young Global Leader by the World Economic Forum in 2016, has been heavily involved in tech ecosystem since 1998. Prior to GV, Avid co-founded Boticca, a global marketplace for independent brands of fashion accessories.
Avid will be one the eight Independent Non-Executive Directors of Barclays Bank UK PLC, all of whom come from a broad range of backgrounds, and who have been appointed to bring a diverse range of experience and perspectives.
The new Board has been created in readiness for ring-fencing legislation which will see the Barclays UK business transfer from Barclays Bank PLC to a separate legal entity, Barclays Bank UK PLC. The transfer is expected to take place in April 2018, subject to Court approval. The Board will, on separation, assume responsibility for the Barclays UK business.
The search for Board members has been led by Sir Ian Cheshire, Chairman of the Barclays Bank UK PLC Board and Non-Executive Director of Barclays PLC. The non-executive director appointments will take effect from 1 January 2018, subject to regulatory approval. In addition to Sir Ian and Avid, the Board will comprise:
- Ashok Vaswani, Chief Executive Officer
- Anna Cross, Chief Financial Officer
Independent Non-Executive Directors:
- Michael Jary
- Kathryn Matthews
- Andrew Ratcliffe
- Sir John Timpson CBE
Two further appointments are planned for early next year to complete the Board.
Announcing the Board, Sir Ian Cheshire said:
“Barclays UK has a financial relationship with 24 million customers and clients in every community in the UK. It is therefore crucial that we have a Board not only of the highest calibre, but of diverse perspectives and broad experience.
“This is a Board who will speak their minds as leaders from a range of different backgrounds. It brings together people with a strong entrepreneurial mindset, real knowledge of the impact of digital transformation in business, and a deep understanding of the needs of consumers and of consumer-centric businesses.
“My Board colleagues bring a wealth of experience and insight to the bank and embody the highest standards of corporate governance and oversight. I look forward to working with them as we help Barclays UK continue to meet the aspirations of our customers and clients.”
- Avid Larizadeh Duggan is a leading venture capitalist and a general partner at GV, the venture arm of Alphabet. She has spent her career in technology as a founder, operator and investor. She was a co-founder of Boticca, a global marketplace for independent brands of high end fashion accessories. Avid serves on the Harvard Business School European Advisory Board as a Non-Executive Director on Wonderbly and is on the Board of Trustees for Founders4Schools, a leading foundation for promoting entrepreneurship in education.
- Michael Jary is Chairman of Duchy Originals and Senior Partner and co-founder of OC&C Strategy Consultants. He previously served on the board of Nationwide Building Society, where he was a member of the Remuneration Committee and was involved in overseeing their investment in digital and cyber resilience. He is Chair of the Board of Trustees for Fairtrade Foundation and Chair of Itad, the leading advisory firm in international development.
- Kathryn Matthews has spent her entire career in investment management, most recently as chief investment officer, Asia Pacific for Fidelity International. She previously held senior appointments with William M Mercer, AXA Investment Managers, Santander Global Advisers and Baring Asset Management. Kathryn is on the boards of BT Investment Management PLC, APERAM, Rathbones and JP Morgan Chinese Investment Trust. She also sits on the board trustees for the Nuffield Trust and is a Council Member of the Duchy of Lancaster.
- Andrew Ratcliffe is a Past President of the Institute of Chartered Accountants in England and Wales (ICAEW). He was an audit partner with PricewaterhouseCoopers (PwC) for 29 years, during which time he was the lead audit partner for several large international groups including Barclays PLC. He also served as chairman of the PwC network’s Global Board. He is now a trustee of the University of London and other charities.
- Sir John Timpson CBE is Chairman of the family owned Timpson service retail chain with over 1,900 stores in the UK. He is famous for radical management thinking including his practice of ‘upside-down management’ that empowers front-line colleagues with the freedom to take decisions, and also for a pioneering programme that successfully employs a significant number of ex-offenders.
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, subject to approval, 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.
We are seeking approval 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.
A hearing took place on 10 November 2017 for the Court to initiate the process to consider and approve the Scheme. Subject to approval, 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.
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.barclays.com