TSB poised to name City veteran Will Samuel new chair

Will Samuel will lead the bank to its stock-market flotation

City veteran Will Samuel is expected to be announced as the chairman of the new TSB within the next fortnight.

Samuel, who is a senior adviser to the Prudential Regulation Authority and has been on a host of corporate boards, will be tasked with leading the bank to its £1.5 billion stock-market flotation later this year.

This will be the completion of its split from Lloyds under chief executive Paul Pester.

Samuel has agreed to take on the position and is expected to be announced soon, pending approval by City regulators.

A career banker with stints including posts at Lazard and Citigroup, he is currently on the board at Ecclesiastical Insurance.

Another more peculiar chairmanship was at the furniture group MFI, where his joining during its restructuring meant his sister Lesley Knox had to step down as a non-executive director.

Samuel emerged as a front-running candidate for the post after Andy Haste, the former chief executive of insurance group RSA, withdrew from the race.