Lloyds Banking Group has announced Chirantan Barua as the new chief executive of Scottish Widows, succeeding Antonio Lorenzo who retires in 2023 after seven years at the helm.

Barua will also become chief executive of Lloyds insurance, pensions and investments business unit.

He joins Scottish Widows from HSBC, where he held the role of global head of strategy. Prior to HSBC, Barua was a partner at McKinsey & Company situated within the financial services practice, and a managing director at Sanford C Bernstein.

Commenting on his successor, Lorenzo, said: "Chira is joining a great team at Lloyds and Scottish Widows, with exciting growth plans and a clear purpose, and I wish him all the best.

"I'm hugely proud to have been part of the story of this business and will be watching the next part of the journey with great interest."

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Scott Wheway, chairman of Scottish Widows added that Barua's appointment will ensure Scottish Widows continues to "grow and support customers as a core part of Lloyds Banking Group."

Charlie Nunn, group chief executive at Lloyds Banking Group, commented: "Chira has a wealth of financial services experience and I'm delighted that he has agreed to join Lloyds and help us build a better future for our customers."