Bloomberg News

Lloyds Says Wholesale Head to Retire, No Start Date for New CFO

February 01, 2012

Feb. 1 (Bloomberg) -- Lloyds Banking Group Plc, Britain’s biggest mortgage lender, said Truett Tate, the last surviving executive director from its takeover of HBOS Plc, will retire.

Tate, 61, who headed the bank’s corporate unit, will step down next month to be replaced on an interim basis by Andrew Geczy, the head of wholesale banking and markets, London-based Lloyds said in a statement today. Separately, the firm said that it’s yet to agree a starting date for incoming Finance Director George Culmer with his current employer, RSA Insurance Group Plc, more than two months after he was named for the role.

Chief Executive Officer Antonio Horta-Osorio is reorganizing his management team following a nine-week absence for exhaustion. Before returning last month, the Portuguese banker proposed that the board “restructure and reduce his direct reporting lines in order to strengthen the accountabilities of his management team.” He is still trying to install permanent replacements for two of the bank’s top roles; finance director and corporate banking head.

Royal Bank of Scotland Group Plc’s Chief Risk Officer Nathan Bostock was to replace Tate as the head of the wholesale division though he instead decided to stay with Britain’s biggest government-owned bank, RBS said in November. Lloyds’s Finance Director Tim Tookey, who took over as interim CEO when Horta-Osorio stepped down, is leaving the bank in February to join insurer Friends Life. Lloyds announced the appointment of Culmer as finance director on Nov. 21.

Lloyds is 41 percent government-owned after receiving a taxpayer bailout of more than 20 billion pounds ($31.5 billion) amid the 2008 banking crisis.

--Editors: Jon Menon, Edward Evans

To contact the reporter on this story: Gavin Finch in London at gfinch@bloomberg.net

To contact the editor responsible for this story: Edward Evans at eevans3@bloomberg.net


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