Lloyds names Norman Blackwell new chair

LLOYDS Banking Group PLC has named Norman Blackwell its chairman, succeeding Winfried Bischoff when he retires next year.

The bank said in a statement on Monday that Blackwell, who has been a non-executive director, will succeed Bischoff as chairman beginning in April.

He is currently chairman of Lloyd's Scottish Widows Group and has experience in insurance, banking and public policy.

Blackwell was also partner in the management consultancy McKinsey & Company.

The part-nationalised lender has said its recovery is ahead of schedule and is profitable - a fact enabling the government to begin the process of selling its stake back to private investors.

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