Monday 20 March 2017 2:58 pm

Lloyds Banking Group hires Professor Russel Griggs to oversee its HBOS Reading scandal review

Lloyds Banking Group has appointed Professor Russel Griggs to oversee the independent review into the HBOS Reading scandal. 

Two ex-HBOS bankers were among six people jailed back in February for their roles in a ruse to drive small businesses into the ground for personal gain, running up nearly £250m in losses for the bank which had to be bought out by Lloyds at the height of the financial crisis.

Lloyds vowed shortly after the trial concluded that it would be reconsidering the cases of customers caught up in the scandal in light of the evidence which had been unearthed by the trial.

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 A statement from the bank said Griggs had been "selected for his experience in overseeing high profile reviews of a complex nature".

Griggs' previous work includes chairing the Confederation of British Industry UK small and medium enterprise council between 2007 and 2010 and reviewing of the British Bankers' Association branch closures programme last year.

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Lloyds added it had already written to most of the customers it had been identified as being harmed by the wrongdoers' actions. 

Lloyds share price is currently trading down 0.3 per cent at 69.16p.