AZM Allianz Se

By Jason Douglas

LONDON--Paul Sharma, deputy head of Britain's banking supervision agency, is to leave the organization for a job in the private sector, the Bank of England said Friday.

Paul Sharma, deputy head of the Prudential Regulation Authority and executive director for policy at the BOE, is to join consultancy Alvarez & Marsal Inc. as co-head of its regulatory affairs practice after 20 years as a regulator.

The BOE said it will soon start the search for Mr. Sharma's successor.

Mr. Sharma is the latest senior regulator to join the private sector. Hector Sants, former head of the PRA's predecessor, the Financial Services Authority, joined Barclays PLC (BCS) in January.

Write to Jason Douglas at jason.douglas@wsj.com