Lloyds Banking Group (LBG) has appointed HSBC’s head of strategy Chirantan Barua to be the next chief executive officer of Scottish Widows and LBG’s wider insurance, pensions and investments business.

Barua will join Charlie Nunn, his former HSBC colleague and current CEO of LBG, from next year.

Barua will replace Antonio Lorenzo, who has held senior roles at LBG since 2011, when he retires next year.

Barua previously worked as a partner at McKinsey & Company in its financial services practice, and was a managing director at Sanford C Bernstein.

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.”

LBG CEO Nunn said: “Antonio came to me some time ago to let me know he intended to retire, but very kindly agreed to stay and work with me to reshape the organisation, giving me time to search for a successor and ensure we have a smooth transition period for Chira.”

HSBC has come under pressure from its largest shareholder, Chinese insurance company Ping An, to spin off its business in Asia.

“Chira has added significant value during his time at HSBC,” said HSBC CEO Noel Quinn.

“This is a great opportunity for him, we support him and wish him the best of luck.”