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 benefits of Clubcard and its loyalty scheme, will support millions of households across the UK with their financial needs.”
However, Maru faced an early test of his leadership when a major IT failure at the end of January this year disrupted services for millions of customers. His response revealed both pragmatism and awareness of customer concerns.
“We are extremely sorry about this – we know it caused disruption and frustration for some of our customers,” he wrote in an email to affected customers, while also warning them about potential fraudsters who might exploit the situation.
Despite the hiccup, Maru remains focused on leading Barclays UK’s digital transformation, enhancing technology to improve customer service.
Maru's path to leading one of Britain's largest retail banks was shaped by over three decades in financial services. A graduate of London School of Economics and Political Science, he spent 11 years at Lloyds Banking Group as group director for retail and 12 years at Santander UK in leadership roles, after beginning his career at PricewaterhouseCoopers.
He joined Barclays in February 2023 as global head of consumer banking and payments, leading the business portfolio which included consumer cards and payments and UK corporate banking and global transaction banking.
A chartered accountant, he has previously served on the Financial Conduct Authority’s practitioner panel, HM Treasury’s financial inclusion policy forum and the Money and Pensions Service advisory group.
Maru’s leadership style combines technological innovation with personal engagement. He champions the use of data analytics and artificial intelligence to improve customer service and operational efficiency, while also mentoring emerging talent and advocating for diversity and inclusion in the workplace.