World News | Indian-origin Investment Expert Picked for Bank of England Role
Get latest articles and stories on World at LatestLY. Jitesh Gadhia, an Indian-origin peer and finance professional with over 25 years of investment banking and financial services experience, has been appointed to the Bank of England's Court of Directors, the UK government announced on Tuesday.
London, Oct 18 (PTI) Jitesh Gadhia, an Indian-origin peer and finance professional with over 25 years of investment banking and financial services experience, has been appointed to the Bank of England's Court of Directors, the UK government announced on Tuesday.
Gadhia joins two other new non-executive directors (NEDs) in the Court, the governing body of the central bank responsible for setting the organisation's strategy, budget and taking key decisions on resourcing and appointments.
All members of the Court are a royal appointment made on the recommendation of the British Prime Minister and Chancellor of the Exchequer.
“I am delighted to be able to announce the appointment of Lord Jitesh Gadhia, Sabine Chalmers and Tom Shropshire. Each of them will bring immense skill and experience to the Bank's Court,” said UK Chancellor Jeremy Hunt.
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“I look forward to continuing to work closely with the Bank's leadership, and remain fully committed to its independence,” he said.
Gadhia has held senior finance positions at Blackstone, Barclays Capital, ABN AMRO and Baring Brothers.
He currently serves on the boards of Rolls-Royce Holdings plc, Taylor Wimpey plc and Compare the Market Limited and previously served on the boards of UK Financial Investments Limited (UKFI) and UK Government Investments Limited (UKGI).
In 2016, when he was made a life peer as one of the youngest in the House of Lords, Gadhia famously swore his oath of allegiance on the ‘Bhagavad Gita'. He also chairs the British Asian Trust, the South Asia focussed charity set up by King Charles when he was the Prince of Wales.
The other new appointees include Sabrine Chalmers, director of regulatory affairs at BT, and Tom Shropshire of Diageo plc.
The new NEDs, approved by the late Queen Elizabeth II and appointed this week by King Charles III, will take up their roles at the Bank's Court in the coming months for terms lasting four years.
“Their varied experiences make them invaluable additions to Court and the running of the Bank. I look forward to working with them all,” said Andrew Bailey, Governor of the Bank of England.
“They will bring fresh insights, deep wisdom and wide experience to help Court fulfil its role of promoting the good of the people of the United Kingdom,” added David Roberts, incoming Chair of Court.
All appointments to the Court are made on merit and political activity plays no part in the selection process, the UK's Treasury department said. The Court is not responsible for the matters reserved to the central bank's main policy committees, the Monetary Policy Committee, the Financial Policy Committee and Prudential Regulation Committee.
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