Sir Win Bischoff, the former chairman of the US megabank Citigroup, is to become chairman of Lloyds Banking Group when, Sir Victor Blank, steps down in September.
Lloyds stressed yesterday that it had considered more than 50 candidates before making the appointment. Lloyds has been searching for a new chairman since Sir Victor was forced earlier this year to announce his departure, having come under pressure from shareholders following the bank's takeover of its rival Halifax Bank of Scotland. That deal culminated in a government rescue for the combined entity which saw the taxpayer take a 43% stake in Lloyds.
Financial Times, Daily Telegraph, The Independent