Exclusive: Barclays Chair To Quit Start-Up

Sir David Walker is to quit the board of banking start-up venture NBNK after being appointed as the next Barclays chairman.

I understand that NBNK Investments will announce Sir David's resignation as deputy chairman and senior independent director in a statement to the stock market on Monday morning.

Sir David's departure from the NBNK board, which is headed by Lord Levene, the former chairman of Lloyd's of London, follows that of Lord McFall.

The former chairman of the Treasury Select Committee stepped down last month as a consequence of his involvement in the parliamentary inquiry into banking standards established in the wake of the Libor rate rigging scandal.

NBNK has had a frustrating two years since it listed on London's junior AIM market with a mandate to acquire hundreds of bank branches and a pledge to abolish short-term bonuses as part of a revival of "traditional" high street banking services.

It lost out to the Co-Op in the bidding for 632 Lloyds Banking Group branches and was rebuffed by National Australia Bank in its efforts to acquire the Clydesdale and Yorkshire banks.

In a statement last month, NBNK said: "The directors of NBNK have concluded that there are no other UK banking assets available for sale that would meet the company's objectives and, consequently, they expect to commence steps to wind-up the company.

"This is consistent with the prospectus issued at the time of admission to AIM in August 2010, which states that if the company was unable to fulfil its strategic mandate then it will be wound up and any remaining cash would be returned to shareholders.

"As part of this process the Company will seek cancellation from AIM."

NBNK has been run for most of the last two years by Gary Hoffman, former chief executive of Northern Rock.

The company declined to comment on Sunday evening.