Corporate governance expert Sir David Walker has been confirmed as the next chairman of Barclays, as the bank seeks to restore its reputation following the damage inflicted by the Libor scandal.

Author of the Walker review, the 72-year old leaves US bank Morgan Stanley, where he was previously chairman, but most recently held a senior adviser role. The announcement of his appointment saw shares at Barclays rise as the stock markets began trading on Friday morning.

Speaking on his appointment, Walker said: 'I am looking forward to joining the Barclays Boards and to playing my part in taking the company forward after recent events. The UK needs a strong financial services sector and Barclays has a crucial role to play in ensuring that this country has a successful, well-governed banking industry. My immediate priority, and critical to Barclays ongoing success, will be the appointment of a new chief executive and I will be fully engaged in that process.'

The bank has been without a CEO since the high-profile departure of Bob Diamond, following the revelations of employees at the bank engaged in manipulating the London interbank offered rate.

The former Treasury and Bank of England official, Walker, will become a non-executive director on 1 September, replacing incumbent chairman Marcus Agius on 31 October, when he steps down.

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