VIM MARU'S elevation as chief executive of Barclays UK in early 2024 marked a significant development in the bank’s strategic restructuring.
The group restructuring, dividing the business into five distinct operating divisions, aimed to provide greater transparency and accountability while promising £10 billion in shareholder returns.
And, under Maru’s leadership, Barclays UK division has emerged as a strong driver of growth, delivering robust financial performance in the 2024 fiscal.
The business has seen income rising 9 per cent following the £600 million acquisition of Tesco Bank and increased structural hedge income. Even excluding the one-off gain from Tesco Bank, the division achieved 2 per cent income growth, while pre-tax profit surged 25 per cent.
The Tesco Bank acquisition, completed in November 2024, further strengthened Barclays’ UK presence, bringing with it 2,800 staff and a valuable 10-year distribution deal to sell financial products under the Tesco brand.
The partnership with the UK’s largest retailer, which also operates the UK’s largest loyalty scheme, represents a key opportunity for Barclays UK to further its retail banking ambitions.
“We will bring the strength of both businesses together, benefitting customers and colleagues,” Maru commented. “I am excited that the combination of our brands, alongside the...
