July 12, 2017 / 11:06 AM / a year ago

Barclays announces new board of its corporate and investment bank

LONDON (Reuters) - Barclays (BARC.L) announced on Wednesday board appointments for its non-ring fenced business Barclays International (BI), to comply with new post-crisis rules forcing British banks to separate their retail operations from their riskier business.

A Barclays bank building is seen at Canary Wharf in London, Britain May 17, 2017. REUTERS/Stefan Wermuth

Gerry Grimstone, who is currently deputy chair and senior independent director of Barclays Group, will be appointed chair of the eight-person BI board, which comprises corporate and investment banking, international cards and payments and private banking, and will take effect on August 1 2017.

Britain’s ring-fencing rules aim to avoid a repeat of the 2008 financial crisis, when banks’ bad bets in wholesale financial markets put ordinary depositors’ cash at risk, and led to big taxpayer-funded bailouts.

Tim Throsby, president of BI and Emily Portney, chief financial officer of BI will be appointed executive board members alongside five other independent non-executive appointments.

“The formation of the Barclays International Board is another important step in strengthening our corporate governance as we prepare for the stand-up of the ring fenced bank next year,” Grimstone said in a statement.

Reporting By Anjuli Davies; Editing by Rachel Armstrong

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