Treasury's bank bailout tsar Kingman in talks with L&G

Jessica Morris
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Legal & General is a FTSE 100-listed asset manager (Source: Getty)

The senior civil servant who was central to Britain's bank bailouts in 2008 is in line to chair FTSE 100-listed insurer and asset manager Legal & General.

John Kingman, who is stepping down as second permanent secretary of the Treasury, has been approached about taking over the position when current chair, John Stewart, leaves the role on 1 June.​

It's not yet known how close Kingman is to landing the role, according to Sky News which first reported the news.

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L&G "expects to be in a position to make an announcement on the appointment of a successor chair in the coming weeks," it said in a statement nearly two weeks ago. "Very good progress" has been made so far, the group added.

Kingman helped mastermind the bailout packages which kept Lloyds and RBS afloat during the financial crisis, before leading UK Financial Investments which looks after taxpayers' stakes in the banks and then returning to the Treasury.

Following a stint at investment bank Rothschild, he returned to the Treasury in 2012, but recently lost out to Tom Scholar in the race to become the finance ministry's permanent secretary.

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Last month he became chair of UK Research & Innovation, which brings together a range of organisations to invest public money into research that drives innovation.

Kingman's potential appointment would still need to be given the go-ahead by the Prudential Regulation Authority.

L&G is yet to respond to a request for comment.

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