Lord Blackwell is set to be Lloyds Banking Group’s chairman

SCOTTISH Widows boss and Lloyds Bank board member Lord Blackwell is poised to take over the chairmanship of the group, it emerged last night.

The City veteran is to take over from outgoing non-executive Sir Win Bischoff, who announced his intention to resign earlier this year.

The handover is expected to take place early in the New Year.

Lord Blackwell will take the reins at an upbeat moment for the bank, which has returned to profitability and has started returning from state hands.

Earlier in the autumn the government sold the first tranche of its stake in the bank at a profit, relative to the bailout price from the rescue operation in 2008.

Lord Blackwell has been a partner at the management consultancy McKinsey and has experience both as a banker and politician.

He was head of then Prime Minister John Major’s policy unit between 1995 to 1997, where he co-ordinated domestic policy development.

He is currently chairman of the support services company Interserve and is a non-executive director of the health and safety group Halma, and at Ofcom.

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