Sants succeeds Gian Rossi, who has stepped down after nine years as chairman but will remain “actively involved with the firm’s UK business”.
Rossi said his “long-standing experience in the financial services industry” would greatly benefit the business and that it also underlined an ongoing commitment to the UK.
Sants worked at the Financial Services Authority from 2007 to 2012, during the global financial crisis and the introduction of the Retail Distribution Review.
He joined the regulator from Credit Suisse First Boston, where he was chief executive for Europe, Middle East and Africa.
“Long-standing experience in the financial services industry”
Briefly too, he was Barclays head of compliance and government and regulatory relations but quit due to stress in November 2013.
Currently he is chairing the archbishop of Canterbury’s taskforce on promoting responsible savings and credit and advised Abu Dhabi Global Market. From 1 July 2015 he will also be working as vice chairman and partner at global management consulting firm Oliver Wyman.