Former Conservative treasurer Lord Lupton to chair Lloyds' non ring-fenced bank

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The government's stake in Lloyds is now just 0.89 per cent (Source: Getty)

Former Conservative treasurer Lord James Lupton will join the board of Lloyds Bank, it confirmed today, days before the government sells the last of its stake in the UK's biggest lender.

Lupton will take up a role as the first chairman of Lloyds Banking Group's non ring-fenced bank and will also join the lender's main board as a non-executive director, the lender announced this morning.

Chairman of Lloyds Banking Group Lord Blackwell said Lupton's corporate advisory experience "will be of particular value to our overall Commercial Banking activities".

He added: We look forward very much to working with him both on the group board and in establishing strong governance and risk management for our non ring-fenced bank."

Read more: Taxpayers' stake in Lloyds has now fallen below one per cent

The non ring-fenced division of Lloyds is being set up as part of reforms to the banking system (under the bank structural reform legislation), set to come into effect on 1 January 2019, that will help contain any fallout from a future financial crisis.

The Tory life peer and party donor is chairman of the investment bank Greenhill Europe.

Lupton will be the second Conservative peer on the lender's main board. He will join Lord Blackwell, Lloyds pro-Brexit chairman.

Read more: Lloyds Banking Group profits double to £1.3bn sending shares higher

The government is set to sell its remaining stake in Lloyds Bank, now down to 0.89 per cent, within the coming fortnight.

Chancellor Philip Hammond said last month the government had finally broken even on its stake in the bailed-out bank, having recovered more than £20.3bn in dividends and share sales.

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