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Scottish Widows hires HSBC executive as CEO

Scottish Widows
Scottish Widows HQ in Edinburgh: The business has a new leader (pic: Terry Murden)

Chirantan Barua, global head of strategy at HSBC, will become the next CEO of Lloyds-owned insurer Scottish Widows and the group’s insurance, pensions and investments business. 

Mr Barua will join the Edinburgh-based business in 2023 after the current incumbent, Antonio Lorenzo, retires after seven years at the helm.

The new CEO was appointed HSBC’s global head of strategy in 2020 and joined the bank’s executive committee last year. 

Chirantan Barua

Prior to HSBC, he was a partner at consultancy McKinsey & Co, in the firm’s financial services division. He has also held roles at Alliance Bernstein, Standard Chartered Bank and CitiGroup. 

During his time in charge Mr Lorenzo completed Scottish Widows’ acquisition of Embark at the beginning of this year.

Scott Wheway, chair of Scottish Widows, said: “Antonio has overseen the complete transformation and subsequent growth of the business, supported by a bold technology strategy and a number of strategic acquisitions.

“I’m pleased that, subject to regulatory approval, Chirantan Barua will take on the role, and his appointment will ensure Scottish Widows continues to grow and support customers as a core part of Lloyds Banking Group.”

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