Lord Blackwell appointed as Lloyds chairman

Lloyds banking group has announced the appointment of Lord Blackwell as chairman of the group, with effect from 3 April 2014.

Blackwell replaces Sir Winfried Bischoff in his role at the state-backed bank. Blackwell has been a non-executive director of the group since June 2012, and is a member of its audit and risk committees.

He's also been chairman of the group's insurance business, Scottish Widows, since September 2012.

Sir Winfried Bischoff said that he is "delighted Lord Blackwell has been chosen to succeed" him as chairman, and Lord Blackwell stated that he is "honoured to have been asked to become chairman".