Richard – who has extensive retail and business banking experience – has previously held executive positions at Barclays and Woolwich.

He was group finance director at Standard Chartered between 2006 and 2014 and has served in non-executive roles at Deutsche Bank, HM Treasury and JLT.

Richard said: “I'm delighted to have been appointed as TSB's chairman at such an exciting time for us.

“In 2018, we're getting set to take on the small business banking market – to unlock the true potential of small businesses in the UK and help local communities to thrive.”

Will – who steps down after four years in the role – added: “Richard brings a wealth of experience and a deep understanding of UK retail banking, from both a consumer and business perspective, that will be invaluable as

TSB continues to deliver on its growth strategy.

“It has been an honour to serve as TSB's chairman over the past four years and I wish Richard, Paul and all the partners at TSB every success in the future.”

Paul Pester, chief executive at TSB, took the opportunity to say thank you to Will for his service and support as chairman.

“It's been an extraordinary few years for TSB – from launching the bank back on to high streets and listing on the London Stock Exchange, to becoming part of the Sabadell Group and building our new, state-of-the-art banking platform.

“Moving forward, I look forward to working together with Richard to bring more competition to UK banking and ultimately make banking better for all UK consumers and, importantly, small businesses and entrepreneurs.”