Lloyds appoints HSBC executive Chirantan Barua as CEO of insurance businesses

LONDON (Reuters) -Lloyds Banking Group has appointed HSBC's head of strategy Chirantan Barua as Chief Executive Officer of Scottish Widows and its wider insurance, pensions and investments business, it said on Tuesday.

Barua will join Charlie Nunn, his former HSBC colleague and current Lloyds chief executive at the British bank from next year, Lloyds said.

Nunn has overseen a shake-up of the top team at Britain's biggest domestic bank since taking over from long-standing CEO Antonio Horta-Osorio last year.

Barua will replace Antonio Lorenzo - who has held senior roles at Lloyds since 2011 and was a key lieutenant of Horta-Osorio - when he retires next year, the bank added.

HSBC is currently embroiled in a spat with its largest shareholder, China's Ping An Insurance, over the British bank's direction.

HSBC has also embarked on a series of asset disposals to curb costs and tighten its focus in recent years, shedding its retail banking businesses in the United States and France. It is also looking to sell its entire Canada unit.

A spokesperson for HSBC said the bank plans to fill the vacant role and will make an announcement in due course.

"Chira has added significant value during his time at HSBC. This is a great opportunity for him, we support him and wish him the best of luck," HSBC CEO Noel Quinn said.

(Reporting By Lawrence White and Iain Withers, editing by Sinead Cruise)