Lloyds Banking Group announces executive leadership team

Lloyds Banking Group has announced the executive management team for its Verde business that will lead the divestment programme of retail and commercial assets.

This follows the Group's commitment to accelerate the disposal process in order to meet its obligations following the agreement with HM Government and the European Union.

The Group confirms Paul Pester will be the chief executive officer of the Verde business.  Paul is taking on this role in addition to his current responsibilities as managing director, Consumer Banking and Payments.

The Verde business will have around 5% of the UK personal current account market, over 600 branches and will become the seventh largest bank in the UK. It will bring together the Cheltenham & Gloucester business, Lloyds TSB Scotland and over 250 branches from the Lloyds TSB network in England and Wales.

António Horta-Osório, group chief executive, said: "I am pleased that Paul and his team have agreed to lead the divestment programme which will form the Verde business. They will bring significant retail and commercial banking experience to create what will be a well capitalised bank and a strong competitor to the other UK banks and building societies."

Paul Pester, chief executive officer of the Verde business, said: "I am delighted to be in the position of shaping and growing a new business which will serve over five million customers and service over eight million accounts. The new bank will be an exciting addition to the UK market and will be focussed on promoting competition and delivering great products and services to its customers."

Paul will report to Alison Brittain, when she joins the Group, in September 2011.  Paul's senior team will be: Darren Pope, transitional finance director, Helen Rose, chief operating officer, Neeta Atkar, risk director, and Peter Navin, network director. Peter is currently the network director for the Bank of Scotland and Lloyds TSB Scotland branch networks. He is also the chief executive officer Lloyds TSB Scotland.

The divestment is not scheduled to complete until 2013 therefore banking services for the group's customers, including account numbers and sort codes will remain unchanged at this stage. Branches will continue to operate as they do currently and no difference will be seen between those being divested or those staying with the group.