Baroness Vadera is set to become the first woman to head a major British bank.
Indian-origin Shriti Vadera has been appointed as chairman of Santander UK, becoming the first woman to head a major British bank.
52-year-old Vadera, former minister in the UK's finance ministry, will join the board of Santander UK as joint deputy chairman in January, before succeeding Terence Burns in March next year.
She will also join a very exclusive club of just three FTSE 100 firms, listed on the London Stock Exchange with the highest market capitalisation, with women as their chair.
Vadera was a Labour minister in the Cabinet Office, Business Department and International Development Department from 2007 to 2009 and served in the House of Lords.
Baroness Vadera, who is a Labour peer in the House of Lords, spent 14 years at the investment bank UBS and eight years as an adviser in the UK Treasury under former Prime Minister Gordon Brown during the height of the Eurozone financial crisis.
"We're proud and excited to welcome Shriti Vadera to Santander. Her deep expertise in UK and global economies as well as her banking experience add to her credentials as a strong, independent non-executive chairman," Ana Botin, chair of Spain-headquartered parent firm Banco Santander, said in a statement yesterday.