Mr Barua will join Scottish Widows next year following current CEO Antonio Lorenzo’s retirement.

Before joining HSBC, Mr Barua was a partner at management consultancy McKinsey & Company’s financial services practice.

Previous roles include managing director at US-headquartered securities firm Sanford C Bernstein and strategy, management and operational roles at Standard Chartered and Citigroup in India.

Mr Lorenzo announced his intention to retire earlier this year. He agreed to stay on with the provider for a handover period to allow the board to search for a successor and ensure a smooth transition period.

Scottish Widows is the insurance, pensions and investments arm of the Lloyds Banking Group.

Charlie Nunn, group CEO of Lloyds Banking Group, said: “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.

“Antonio has overseen an extraordinary amount of strategic change and growth. He played a critical role in stabilising Lloyds during the financial crisis, and since 2015 as CEO of Scottish Widows has grown its assets under administration from c£130 billion to c£210 billion.”

Mr Barua is one of a number of senior appointments announced by Scottish Widows in the past few months.

Former AXA UK chair Scott Wheway took up the role of chair of the Scottish Widows group in September. He was formerly chair of AXA UK which he joined in 2017.