Former Lloyds banking bigwig Eric Daniels re-emerges at CVC

Michael Bow
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FORMER Lloyds chief Eric Daniels, who led the bank’s much-maligned takeover of HBOS in 2008, has been recruited by CVC Capital Partners to offer advice on buying and selling financial institutions.

Daniels, who led Lloyds from 2003 until his departure in 2010, will join the private equity giant’s global financial institutions advisory board with immediate effect, CVC said yesterday.

Daniels will be on hand to offer advice to CVC’s Financial Institutions Group (FIG), led by UK head Jonathan Feuer and senior managing director Peter Rutland, on deals that pass across its desk.

It is Daniels’ second major foray into the UK financial sector since Lloyds clawed back £580,000 from his bonuses, related to mis-selling of payment protection insurance (PPI) at the bank during his tenure.

Daniels took a similar advisory role with financial services outfit StormHarbour in early 2012.

“With his breadth of knowledge and understanding in banking, insurance and wealth management we hope to further strengthen our capabilities and build on the success the FIG team has achieved over the past four years,” Feuer said.

CVC FIG has previously made investments in Brit Insurance and Avolon Aerospace.

The company also holds a high profile stake in Acromas, which is made up of insurer AA and retirement group Saga.