Barclays finance director quits

17 October 2006

Barclays Bank's finance director Naguib Kheraj is to follow several other prominent figures at the bank in handing in his notice, it has been announced.

In a statement, Mr Kheraj said that he was leaving of his own volition, commenting: "I have never considered myself a lifetime finance director and I believe now is the right time to move on to the next stage of my career."

The move follows the recent departure of the international business chief David Roberts and Roger Davis, the head of UK retail banking within the last 12 months, although the bank stressed that this latest change is unrelated to previous incidents.

"I would have been delighted for Naguib to stay with Barclays for all his career but I respect his decision to broaden his career experience," said Barclays chief executive John Varley, although he added that a "well defined and clear transition plan" was in place.

Mr Kheraj will remain as financial director until April, when Chris Lucas, who is currently the head of banking and capital markets at PricewaterhouseCoopers, is due to take over the position.

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