Co-op Bank names former Lloyds Commercial Banking boss as new CEO

 
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The Co-operative Bank was bailed out by US hedge funds last year (Source: Getty)

The Co-perative Bank has appointed a new boss who was once tipped as a favourite to become chief executive of Lloyds.

Andrew Bester was previously group director and chief executive of the Commercial Banking division at Lloyds Banking Group.

He was at one point viewed as a possible candidate to become chief executive of the whole group.

Commenting on his new role at Co-op Bank, Bester said: "Over its recent history, the Bank has been through a period of great change and uncertainty and I look forward to working with the teams to return the business to its former strength."

He replaces Liam Coleman, whose departure was announced last month after an eventful five years at the bank.

Coleman joined the company in June 2013 as treasurer, and has been a central figure at the bank since it began its turnaround in 2013.

He was promoted to deputy chief executive in June 2016 before rising to the top job at the start of 2017.

Last year the bank agreed a £700m rescue deal with US hedge funds, ending the turmoil that ensued after a £1.5bn black hole was found in its accounts in 2013.

Earlier this year the bank appointed Bob Dench as chair to steer its revival.

Dench said of Bester's appointment: "Five years ago, the bank faced very significant problems and over that time we have made progress towards successfully tackling those issues. In Andrew we have found the right person to take us on to the next stage as we focus on achieving a sustainable profitable bank."

Read more: Co-op Bank finance chief bows out after just a year in the job

Curriculum Vitae: Andrew Bester

Qualified chartered accountant with time at PwC and Deloitte under his belt.

Joined Standard Chartered Bank in 2004.

Appointed CFO of Standard Chartered's consumer banking division in 2008.

Made COO of Standard Chartered consumer banking in 2011.

Group director and CEO of Lloyds Banking Group's commercial banking division 2012 to 2017.

Won 'Advocate of the Year' at 2017 Women in Finance Awards for work on diversity.

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