LONDON (Reuters) - Lloyds Banking Group (LLOY.L) will announce on Monday the boss of a credit card business bought by the lender will lead a push into expanding its card business in an effort to boost profit and reduce its reliance on mortgage lending.
Elyn Corfield, who has been MBNA’s managing director since Lloyds’ 1.9 billion pound takeover completed earlier this year, will take charge of the bank’s overall cards operation, according to a source familiar with the plans.
Lloyds bought MBNA to diversify the bank’s mortgage-dominated balance sheet, as record-low interest rates squeeze the lender’s ability to make profits on secured home-lending.
A number of other appointments are also expected to be announced internally on Monday.
The bank declined to comment.
Sky News reported the move earlier.
Reporting By Andrew MacAskill; editing by Carolyn Cohn