Lloyds chief stands down

Lloyds Banking Group chairman Win Bischoff, above, is to retire in the next year, handing the reins to a successor who must steer it through a potentially risky multi-billion pound government share sale.

By The Newsroom

Published 14th May 2013, 10:05 BST

The 72-year-old has overseen a restructuring and return to profitability at Lloyds, rescued by the Government through a £20bn bailout during the 2008 financial crisis which left the taxpayer with a 39 per cent stake.

His replacement will need a mix of stock market nous and political sensitivity, given the high-profile nature of the looming privatisation and Chancellor George Osbourne’s need to maximise returns to help fix the nation’s deficit.

Industry and political sources have said the Government is keen to start selling off shares in the bank ahead of the 2015 general election and the new chairman will be tasked with handling the potentially delicate political process. Shares in Lloyds have been edging closer to the 61 pence level which the Government regards as the break-even point where a sale would cover the cost of the bailout. Last week they hit a two-year high of 59.1p, raising hopes Britain could soon start selling its shares.