Barclays Plc (BARC) named Antony Jenkins as its chief executive officer, promoting the head of its consumer banking business as the U.K. lender recovers from the Libor scandal that forced out former CEO Robert Diamond.

Jenkins, 51, becomes CEO with immediate effect, Britain’s second-largest lender said in a statement today.

“Antony stood out among a very competitive field of internal and external candidates because of his excellent track record” and “intimate knowledge of Barclays’ portfolio,” outgoing Chairman Marcus Agius said in the statement.

Diamond resigned last month after the bank was fined 290 million pounds ($459 million) in June by U.S. and U.K. regulators for attempting to rig the London interbank offered rate.

“I would have preferred an external candidate, but of all the internal candidates this was the best appointment,” said Gary Greenwood, a Liverpool, England-based analyst at Shore Capital Group Ltd. with a hold rating on the stock. “I like the fact that he’s a retail banker.”

Agius is being replaced as chairman by David Walker, a former Bank of England executive director and civil servant, in November.

To contact the reporters on this story: Keith Campbell in London at k.campbell@bloomberg.net; Kevin Crowley at kcrowley1@bloomberg.net.

To contact the editor responsible for this story: Keith Campbell at k.campbell@bloomberg.net