Lloyds TSB selects new chief of UK retail bank

Lloyds TSB announced yesterday that Eric Daniels, a former Citibank executive, is to be head of its UK retail bank – the company's biggest business.

The post has been empty for two months after Dennis Holt left Lloyds to become chief executive of the British arm of the French insurer Axa.

Mr Daniels, who is American, worked for 20 years at Citigroup, including in senior positions at the retail banking part of the company.

Lloyds has focused on expanding its retail side by cross-selling insurance and other investments, adding Scottish Widows and Cheltenham & Gloucester in the last few years.

Mr Daniels, 50, will start at Lloyds on 1 November on an undisclosed salary. His predecessor received £428,000 in pay and bonuses last year.

The addition of Mr Daniels should also bolster Lloyds' ambitions in America, where it is listing its shares next month and is widely expected to make acquisitions.

The bank's attempt to buy Abbey National was blocked in July after the Competition Commission ruled the purchase would give Lloyds too big a share of current accounts. This has added to the pressure on Lloyds to find a partner overseas.

Peter Ellwood, chief executive of Lloyds, said: "Eric Daniels brings valuable experience and expertise, which will enable us to maximise the opportunities for growth in our business."