Government pulls rank on choice of Lloyds Bank chairman
After apparently being behind the ejection of Sir Victor Blank, the former Lloyds bank chairman, it is rumoured that the UK government is pulling rank again and demanding that Sir Blank's successor is an external candidate. In what many will see as an opening up of the UK banking sector to outside candidates, the government is very keen to appoint somebody whose reputation has not been tarnished by the Lloyds Bank and HBOS merger debacle or any other controversy in the sector.
This is the first time the UK government has really stepped in and demanded a change from the traditional banking procedures. However, before we all get excited and wait the appointment of a totally new and unknown figure to Lloyds bank, it is worth reminding ourselves that the eventual successor is highly likely to be sympathetic to the UK government's cause. While on the surface the UK government has been more proactive of late regarding the "blame game" it is not difficult to see that many people introduced to banks with large UK government shareholdings have been sympathetic to the UK government.
While change is slowly drip into the UK banking sector it is a painfully slow exercise which will take many years to complete.
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