Lloyds chairman ‘to step down from post’
Sunday 17th May 2009, 10:38AM BST.
Lloyds Banking Group chairman Sir Victor Blank is to step down from his position at the bank, reports suggest.
It’s claimed the decision by the chairman of the company consisting of Lloyds and HBOS’ combined operations will be discussed at a meeting of the firm’s board today with an announcement confirming that a search for his successor was underway.
Sir Victor is expected to stay at the firm pending the appointment of his replacement.
Shareholders in the company have been angered by the firm’s plummeting share price since Lloyd’s hurried merger with HBOS at the peak of the credit crunch.
Prime minister Gordon Brown waived Competition Commission rules to enable the two firms to combine operations – a move that Sir Victor is said to have supported.
The Treasury currently owns 43 per cent of Lloyds.
Senior management at Lloyds have been under fire for accepting the deal and thereby taking on the burden of bad loans at HBOS – which made a loss of £11 billion in 2008.
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