Blank's for the memories

17 May 2009 By George Hay Follow @gfhay

The orderly departure of the UK bank s chairman helps shareholders, including the state, who will get fresh leadership to restore confidence. The government gains from solving a tricky succession. And in doing the honourable thing, Blank starts repairing his own reputation.

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Sir Victor Blank is to step down as chairman of Lloyds Banking Group.

Blank is to stay on as chairman until summer 2010, to allow the bank's board to identify suitable successors.

His departure comes after meetings between institutional investors and UK Financial Investments, according to the Sunday Times. UKFI is the government entity that is tasked with managing and eventually selling the UK government's 43% stake in Lloyds.

In a statement, UKFI described Blank as a distinguished chairman who has guided Lloyds and its board skilfully through an exceptionally challenging period and who has been unstinting in his personal determination to make a success of the HBOS merger.

"UKFI notes Sir Victor's decision to step down before the next AGM and looks forward to working closely, alongside other shareholders, with the Lloyds board as they identify his successor, it added.

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