Barclays Appoints Ian Cheshire Ring-Fenced Bank Chairman Designate

By Ian Walker

LONDON--Barclays PLC (BARC.LN) said Monday it has appointed Ian Cheshire chairman designate of its ring-fenced bank, Barclays U.K., which is in the process of being established.

Mr. Cheshire, who has been chairman of department store chain Debenhams PLC (DEB.LN) since last April, will also become a non-executive director of the board from April 3, the British lender said.

Barclays U.K. comprises the U.K. retail banking, business banking, consumer credit card and wealth management businesses.

Following the global economic crisis, the U.K. government put new rules in place to protect the economy and taxpayers in case something similar happens again. The rules say that banks will have to keep their high street arms separate from their wholesale and investment banking divisions, and this needs to be done before Jan. 1, 2019.

Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749

(END) Dow Jones Newswires

February 27, 2017 05:39 ET (10:39 GMT)

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