Lloyds names Bischoff as new chairman

27th Jul 2009 17:22

Sir Win Bischoff has been confirmed as Lloyds Banking Group's new chairman, replacing the outgoing Sir Victor Blank.City veteran Bischoff, chairman of Schroders then of Citigroup, will take up his role at Lloyds, 43%-owned by the government, on 15 September.He left Citigroup, once one of the world's largest financial institutions, in February this year after chairing the business since December 2007. The US bank received a £326bn bail-out from the US Treasury in November last year after it suffered huge losses due to the global financial crisis.The 67-year-old's appointment is thought to make it less likely that chief executive Eric Daniels will leave Lloyds. Bischoff knows Daniels well and should support his plans to rejuvenate the bank.A recent report in the FT suggested Bischoff had been asked to take the job and see it through until recent acquisition HBOS is fully integrated. Mervyn Davies, former head of Standard Chartered, and Lloyds deputy chairman Sandy Leitch were among a number of candidates rumoured to be considered for the position. "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," said Sir Win.Daniels added: "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."