Banking group names new chairman

Sir Win Bischoff is to become the next chairman of Lloyds Banking Group

Sir Win Bischoff is to become the next chairman of Lloyds Banking Group, the bank has announced.

The appointment comes after current chairman Sir Victor Blank announced his retirement earlier this year.

Sir Win, who will take up the position in September, is a former chairman of Citigroup.

He said he was "honoured and pleased" to accept the post.

"Short-term we face many challenges but, in the longer term, the group is well-positioned to deliver significant benefits to its customers, shareholders, employees and the public," he said.

Sir Win, 68, is a career banker who joined Schroders in 1966. He was appointed chairman in 1995 and, when Citigroup bought the investment banking business in 2000, he became chairman of the US giant's Europe division.

Sir Win took on the role of chairman at Citigroup in December 2007, just on the brink of the financial crisis. He served in that position until early this year.

Lloyds, which is 43% owned by the taxpayer, said it consulted UK Financial Investments (UKFI) - the body set up to manage the Government's bank stakes - before making the appointment. The Financial Services Authority (FSA) has also approved the move.

Lloyds said it had conducted a "comprehensive search process" to find a successor for Sir Victor, who announced his intention to step down in May.

The bank's chief executive, Eric Daniels, said: "Sir Win brings great knowledge and insight to the group as we build the UK's leading financial services provider and I look forward to working with him. The board and I are immensely appreciative of the leadership and vision Sir Victor has provided during a time of great change for the group and the financial services industry in general."