Lloyds Banking Group appointed Chirantan Barua, global head of strategy at HSBC, as CEO of Scottish Widows. 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.  Barua will join the business in 2023 after the current CEO of Scottish Widows, Antonio Lorenzo, retires. The life and pensions provider announced Lorenzo's exit this morning.  Barua was appointed HSBC's global head of strategy in 2020 and joined the bank's executive committee last year.

Prior to HSBC, Barua 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.  CEO of Scottish Widows since 2016, Lorenzo oversaw a recent deal to migrate the provider's adviser platforms and direct-to-consumer proposition to FNZ. Scottish Widows, which completed its acquisition of Embark at the beginning of the year, expects the move to FNZ software to be completed by the end of 2023.