LONDON - Britain's bailed-out Lloyds Banking Group on Monday appointed Norman Blackwell, a former Downing Street adviser to Margaret Thatcher and John Major, as its new chairman.
"Lloyds Banking Group plc is pleased to announce that Lord Blackwell will succeed Sir Winfried Bischoff as Chairman of the Group," the lender said in a statement.
Lord Blackwell, 61, will take the reins on April 3, 2014, when Sir Winfried, 71, will retire from the company.
Lloyds remains 33-per cent owned by the state after a government bailout following the 2008 global financial crisis with £20 billion of taxpayers' cash.
Monday's appointment comes as Lloyds remains on track for a full return to the private sector despite fresh losses announced in October.
In September, the government earned £3.2 billion from the sale of six per cent of its stake in Lloyds.