Gary Hoffman will take over as chairman of Coventry Building Society in the coming weeks, Sky News reports.
Hoffman is a Coventry native who was chief executive of Northern Rock after its nationalisation, while he is also chairman of the insurer Hastings.
The move is said to be awaiting regulatory approval and could be announced later this month.
A city source told Sky News that Hoffman had resigned from the board of payments giant Visa Inc in order to take up the Coventry role.
Coventry’s current chairman is Peter Ayliff, who assumed the role after Ian Pickering’s death in September 2017.
Coventry is the second largest UK building society.