Harrison Young, a director of Commonwealth Bank, will join the Court of the Bank of England,
The Sunday Times reported.
The Court is an antiquated term for the central bank's board of non-executive directors.
The powers of BOE directors are somewhat narrow given that decisions over monetary policy are taken by a subsidiary committee.
Young joins the BOE Court along with Antonio Horta-Osorio, chief executive of Abbey. More than half a dozen other non-executive directors of BOE will be axed under a restructure.
Young worked in the late 1990s and early 2000s with Morgan Stanley in Asia and Australia, and is a former officer of the Federal Deposit Insurance Corp in the United States.