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Hermes Investment Management Ltd CEO to join UK Banking Standards Board

Hermes Investment Management Ltd CEO to join UK Banking Standards Board

LONDON: Hermes Investment Management Ltd. Chief Executive Officer Saker Nusseibeh will join the U.K.’s Banking Standards Board in its effort to rebuild public trust in the financial industry.

Nusseibeh, head of Hermes Investment since May 2012, joins the BSB in September to identify how banks can better assess and communicate their plans to improve conduct and competence, the board said in a statement on Monday.

“The global financial crisis damaged both consumer and industry confidence in the banking sector, which we must now work to rebuild,” Nusseibeh, who will represent investors, said in the statement.

The BSB was created to improve behavior and provide guidelines for good practice after the reputation of banks was harmed by scandals, ranging from the improper sale of loan insurance to the rigging of benchmark interest rates. In April, Antonio Simoes, the U.K. CEO of HSBC Holdings Plc, and James Bardrick, chief country officer for Citigroup Inc. in Britain, joined the BSB, which is led by former Ofcom chairman Colette Bowe.

Hermes Investment, the London-based owner of BT Group Plc’s pension fund, has about 30 billion pounds ($46.5 billion) of assets under management according to its website. Saker joined Hermes Investment in 2009 as head of investment and as an executive board director.