Bischoff lined up for Lloyds

 Print E-mail
Economy
Written by Gary Howes   
Wednesday, 01 July 2009
Morning Business News, Wed 01 July: Lloyds Banking, National Express, Tesco and Northern Rock.

Veteran British banker Sir Win Bischoff is being lined up as the next chairman of Lloyds Banking Group (LON:LLOY), according to people close to the process.

Bischoff has been associated with Citi or portions of companies acquired by Citi for almost all of his entire working life.

The 67-year-old former chairman of Citigroup, who stepped down from the role in February, has been asked by UK Financial Investments to take the Lloyds job and steer it through the process of integrating HBOS, which it rescued last autumn, the FT writes.

National Express lose chief exec


National Express (LON:NEX), the embattled transport group, has been rocked by the surprise resignation of Richard Bowker, its highly regarded chief executive. Bowker’s departure, which is expected to be confirmed in a trading update today, comes at a torrid time for the company.

It has reached an impasse in crucial negotiations with the Government over the future of its East Coast rail operations and this week received an unwanted bid approach from First Group, its larger rival, the Times reports.

Tesco and Virgin to bid for Northern Rock?


Tesco (LON:TSCO) has emerged as a potential bidder for Northern Rock as the Government races to sell the state-owned lender before a general election, The Times has learnt.

The supermarket chain has shown provisional interest in buying the bank nationalised as the credit crisis brought the financial system within hours of collapse. Virgin, which tried to buy Northern Rock at the time, has expressed renewed interest and private equity funds have made inquiries.

 

Tesco currently offers insurance, credit cards, loans and savings accounts and plans to start offering current accounts within two years.

A Northern Rock purchase would provide a good launch-pad for a retail banking future. 

 
Share this article:
Digg It! Digg it!   Post to del.icio.us del.icio.us   Seed in Newsvine Newsvine   Post to reddit Reddit   Facebook  Stumble It! Stumble It!  

Subscribe to our weekly newsletter for top jobs, news, blogs and more

Get the latest senior finance job roles, news, blogs, features, industry moves and opinion delivered directly to your inbox every week. Sign up here .