28 Jul 2009

Lloyds names veteran Bischoff as chairman

9:54 am on 28 July 2009

Part-nationalised British bank Lloyds Banking Group has named Win Bischoff, the former chairman of Citigroup, as its new chairman.

Mr Bischoff, who had been the favourite to land the job, said he saw his role as executing the strategy already underway and ridding Lloyds of state help.

But he declined to say when he expected Lloyds, 43% owned by the UK government, to stand on its own.

Current chairman Victor Blank said in May he would step down within a year, following criticism of Lloyds' takeover of troubled lender HBOS this year.

Lloyds chief executive Eric Daniels, who has come under fire for the HBOS deal, was the right man to lead the bank's strategy, Mr Bischoff said.

Mr Bischoff will start as chairman on 15 September.