July 5, 2017 / 10:19 AM / 16 days ago

MOVES-All change at Lloyds as Oldfield takes over commercial

3 Min Read

LONDON, July 5 (IFR) - Lloyds Banking Group has expanded the role of finance chief George Culmer and named David Oldfield as new head of commercial and wholesale banking as part of a raft of senior leadership changes, potentially providing options for who will become its next CEO.

Lloyds chief executive Antonio Horta-Osorio has been in charge for more than six years and the Portuguese is expected to leave in the next year or two.

Lloyds said the changes announced on Wednesday were to align and strengthen its organisational structure before it unveils its next strategic plan in February.

Andrew Bester, head of the commercial division, is leaving after five years with the bank, to be replaced by Oldfield, who has been running retail banking. Commercial banking includes the global corporates, financial institutions, mid-markets and SME banking. Oldfield joined Lloyds as a graduate trainee in 1984.

Simon Davies, head of people, legal and strategy, has decided to leave after recently taking a leave of absence as his wife is unwell, the bank said.

Culmer, CFO since May 2012, has been given responsibility for legal and strategy teams, and Lloyds Development Capital, the private equity unit.

As COO, Colombas, currently chief risk officer, will oversee functions including transformation, IT, people, community banking and group services.

Lloyds said the change will take place on September 4, apart from the change to the people, legal and strategy teams, which take effect immediately.

Other changes announced by the bank included:

-Zaka Mian will be director of a new transformation division, which comprises all business and IT change, data and IT architecture, innovation and applied sciences;

-Vim Maru will be director of retail banking, including the integration of the MBNA credit card business;

-Antonio Lorenzo, director of insurance, will expand his role to take on responsibility for the wealth segment;

-Karin Cook is appointed services director with responsibility for payments, property, security, sourcing and customer services;

-Stephen Shelley will become chief risk officer; and

-Janet Pope is appointed chief of staff and corporate affairs director.

Reporting by Steve Slater

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