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British bank Barclays has picked Nigel Higgins, the deputy chairman of Rothschild & Co, as its next chairman. Higgins will replace John McFarlane, who has been chairman since the start of 2015.

Higgins, whose appointment must be approved by the Prudential Regulation Authority and Financial Conduct Authority, will join the Barclays Board as a Non-Executive Director on March 1 next year and take over as chairman in May after the AGM, the bank added in a statement.

Till that time, Higgins will remain in his role as deputy chairman at Rothschild.

“In Nigel Higgins we have found an ideal candidate. He is a hugely respected banker, a strategic thinker, someone with extensive international experience, and he has a strong positive leadership style,” said Crawford Gillies, who led the process to appoint a successor to McFarlane.

“I have been lucky enough to enjoy 36 years at Rothschild, working with many wonderful colleagues and clients, and particularly lucky to lead the firm for a decade or so,” Higgins told media, adding: “I now look forward to joining another great institution.”

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