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Lloyds Chairman Blank to quit in next year
18 May 2009Sir Victor Blank is to step down as chairman of Lloyds Banking Group in the next year, following intense criticism of his part-nationalised British bank's purchase of troubled rival HBOS.
This year's takeover of HBOS has saddled Lloyds with billions of pounds of losses from HBOS's more risky loan book, forcing the Government to provide rescue funds and prompting investors to call for Blank, 66, to quit. HBOS made a £10 billion pre-tax loss last year, after massive losses on corporate and home loans.
Lloyds said on Sunday the decision to retire was Blank's, and its board was unanimous in wanting him to seek re-election for another three years.
Reader views (1)
dear/sir/madam ok he is quiting as chairman of t s b but he will walk away with a big pay off not like you or any off your staff with just a good telling off and your holiday pay and your p 45 yourssincerley
- Graham Gomersall Freeman, HULL yorkshire, 18/05/2009 08:43
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