Barclays Plc has picked Nigel Higgins, the deputy chairman of Rothschild & Co, as the company`s next chairman, Sky News reported on Thursday.

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Higgins has been chosen to succeed John McFarlane, the current chairman, and is in advanced talks with Barclays, Sky News reported.

The Rothschild veteran is expected to take over as chairman of Barclays after the 2019 annual general meeting, the report said, adding that the exact timing is unclear.

Regulators are said to have been informed about the board`s decision, said Sky News.

Activist fund Sherborne Investors , which has a 5.4 percent stake in the bank, was in talks with the lender earlier this year about replacing McFarlane as part of a plan to overhaul the British bank. [nL5N1UZ1D0]

McFarlane is a financial services industry veteran who has been chairman of Barclays since 2015.

The 71-year-old told shareholders at the bank`s annual meeting in May that he had asked the chairman of its nominations committee to prepare for his eventual departure, but added that he was not poised to leave.

"You are not getting rid of me yet," McFarlane told the meeting, following speculation he could exit the bank soon. [nL8N1S81J4]

Barclays did not have an immediate comment on the report. Rothschild did not immediately respond to Reuters request for comment.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)