A report on Sky News has tipped Cornish to fill the top spot at the bank, which is expected to be announced to the London Stock Exchange in the next few days.
Cornish stepped down from a position at the Prudential Regulation Authority (PRA) in March this year where he took part in the investigation into the collapse of HBOS.
He was a founding member of the PRA which he joined in February 2013. In a statement released by the Bank of England at the time of his departure, the Bank said he was leaving to take up a new position outside the PRA.
Mark Carney described Cornish as ‘dedicated, insightful and professional’ in his approach to promoting forward-looking and judgement-based supervision’ during his time on the PRA board.
His career at Yorkshire Building Society spanned just under 20 years. He joined the society in 1992 where he held a number of senior positions before he was appointed as chief executive in 2003 and then retired in 2011.
Cornish’s appointment will see him succeed Sir George Mathewson who has been chairman at the bank since the group’s formation in 2011. Mathewson announced his intention to step down from his role when Shawbrook announced is Initial Public Offering (IPO) on 1 April.
Mathewson said he would remain as chairman through the bank’s admission to the stock exchange and would step down once a suitable successor had been found.
Shawbrook Bank declined to comment on the appointment of Cornish.
