Sir Win Bischoff new chairman of Lloyds

Tuesday 28th July 2009

Former Citigroup head Sir Win Bischoff has been named as the new chairman of Lloyds Banking Group.

He will take over from the current chairman, Sir Victor Blank, in September.

The move was widely expected, and boosted shares in the bank by 4.46 per cent in early trading.

As chairman he will receive a salary of £700,000 but no bonuses.

Shareholders blamed chairman Sir Victor for his role in the deal to merge with rival HBOS and forcing the newly created 'superbank' to give up a 43 per cent stake to the government.

Sir Victor said: "Sir Win has a wealth of senior banking experience which will be very valuable to the group in the future as the two banks are integrated to create the success the board envisages."

Sir Julian Horn-Smith, one of the group's senior non-executive directors, led the search, and the bank interviewed more than 50 candidates before selecting Sir Win.

Sir Win spent most of his career with investment firm Schroders, becoming chairman in 1995.

Following the acquisition of the Schroders investment banking business by Citigroup in 2000, Sir Win assumed the role of chairman of Citigroup Europe, later becoming chairman of Citigroup from December 2007 until early 2009. ADNFCR-1783-ID-19285232-ADNFCR

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