TIM Tookey is leaving Lloyds Banking Group, where he is finance director, to join the insurance group Friends Life, a part of Clive Cowdery’s Resolution Group.
Tookey, who is believed to have been in talks with Friends Life for several weeks, will team up with Andrew Briggs, a former Lloyds colleague over five years, who is chief executive.
Lloyds Banking Group played down the suggestion that Tookey’s move comes after a falling out with chief executive Antonio Horta-Osorio. But there are now few senior people left at the bank from the reign of former chief executive Eric Daniels.
There is said to be tension within the bank caused by the large number of new head managers, who have been brought in from Osorio’s former bank Santander.
Tookey was a key figure in negotiating the recapitalisation of Lloyds Banking Group. The intention is to float Friends on the stock market in 2014 and the group has earmarked potential transactions ahead of that point. “This is a massive opportunity for Tim. It’s a big challenge,” said a source last night.
Friends Life is expected to confirm the appointment today.