Tory peer Lord Lupton to chair Lloyds unit as ring-fencing looms.

A Conservative peer and leading City‎ dealmaker is to join the board of Britain's biggest high street bank - just days before the Government sells the last chunk of its £20.3bn stake in the lender.

Sky News has learnt that Lord Lupton is to become the first chairman of Lloyds Banking Group's non-ring-fenced bank - the division being set up as part of industry reforms aimed at containing the fallout from a future financial crisis.

Lord Lupton, who is the chairman of the investment bank Greenhill Europe and a former Tory treasurer, will also join the main Lloyds board as a non-executive director, according to City sources.

The appointment, which will be announced in the coming days,‎ will represent a crucial piece in the jigsaw of Lloyds' preparations for ring-fencing - the new structural regime due to come into force in 2019.

Lord Lupton, a long-standing Conservative donor, is among the most prominent names in the City, having held roles at Barings before co-founding Greenhill's London operations in 1998.



Sky News.
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