Lloyds boost as chairman retires

Monday 18th May 2009

Shares at Lloyds Banking Group have risen on confirmation that its chairman Sir Victor Blank is to retire next year.

Sir Victor confirmed reports over the weekend he was stepping down to announce he would retire by the group's AGM in 2010.

On the London Stock Exchange the group's shares had risen almost five per cent by 10:00 BST.

Eric Daniels, the group's chief executive, said Sir Victor had played a "very important" role as chairman during a period of upheaval and volatility that saw Lloyds be granted special dispensation to takeover HBOS.

Sir Victor said on Monday he thought it was the right time for a new chairman to be appointed, with Lord Leitch appointed as deputy chairman for the time being.

"I will continue working until my successor is appointed to ensure the successful integration of the two banks," said Sir Victor. "This remains - in the medium term - a unique value-enhancing opportunity."

Also on Monday, Lloyds said investors could buy £4 billion worth of shares from May 20th to replace preference shares held by the Treasury, which will be underwritten by the government.

The government already owns 43 per cent of Lloyds Banking Group. ADNFCR-1783-ID-19173603-ADNFCR

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