Lloyds TSB appointments

New faces take over at top of Scottish bank

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Lloyds TSB Scotland has a new chairman and chief executive this week following a decision by Lady Susan Rice, who held both positions, to quit the board and focus on her key role at the bank’s parent.

Lady Susan, who is married to Aberdeen University principal and vice-chancellor Professor Sir Duncan Rice, remains the managing director in Scotland for Lloyds Banking Group.

Stepping up to the job as Lloyds TSB Scotland chief executive is Peter Navin, the group’s network director.

The new chairman is group operations director Mark Fisher, who was previously an executive director at Royal Bank of Scotland Group and chairman of Dutch bank ABN Amro.

Mr Navin and Mr Fisher continue to hold their group roles, along with their new responsibilities.

A group spokesman said: “The changes reflect the need to support Lloyds TSB Scotland throughout the integration of certain operations as a result of the HBOS acquisition and the planned disposal of the business as part of the. state-aid restructuring plan formally approved by the European Commission.”

The group is selling off the Lloyds TSB Scotland business to meet competition concerns.

Lady Susan, who lives in Old Aberdeen, broke the financial sector’s traditional cradle-to-grave employment pattern, entering the business in her late 30s following an academic career.

She received her BA degree from Wellesley College, Massachusetts and honed her financial skills at NatWest Bancorp.

When she moved to Scotland, she brought her expertise to Bank of Scotland, where she became managing director of personal banking, and joined Lloyds as chief executive in 2000.