Lloyds Banking Appoints James Lupton Chairman Designate of Non Ring Fenced Bank

Lloyds Banking Group PLC (LLOY.LN) said Tuesday it has appointed James Lupton as an independent non-executive director and chairman designate of its non ring-fenced bank which is in the process of being established, subject to regulatory approval.

Lloyds, which is now less than 1% owned by the U.K. Government, said Mr. Lupton will become a non-executive director from June 1.

Mr. Lupton has experience in advising financial institutions and international businesses on major strategic issues and financial market transactions. He co-founded the London office of Greenhill & Co, an international corporate advisory firm, in 1998 and most recently was chairman of Greenhill Europe.

Mr. Lupton will be stepping down as chairman of Greenhill Europe prior to taking up his role with Lloyds, and is moving to a part time role as a senior adviser with Greenhill.

Following the global economic crisis, the U.K. government put new rules in place to protect the economy and taxpayers against similar future occurrences. The rules say banks will have to keep their high street branches separate from their wholesale and investment banking divisions, which needs to be completed before Jan. 1, 2019.

Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749

(END) Dow Jones Newswires

May 02, 2017 03:36 ET (07:36 GMT)