activities of Lloyds TSB and HBOS is starting to gather pace, with
the announcement of the first confirmed appointment in asset
finance at the newly-created Lloyds Banking Group (LBG).
of Lloyds’ Asset Finance division, will take the reins at the asset
and motor finance division of LBG, while his counterpart at HBOS,
Lindsay Town, is to take early retirement in April.
Town worked for 10 years at Halifax
and then HBOS, having been instrumental in setting up the Halifax’s
high value asset finance business line. He has worked in asset
finance for over 34 years.
A spokesman for Bank of Scotland
explained the move as a “personal decision” for Town.
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Until April, Town will work with
Oldfield as a transition advisor. Subsequently, it is understood
that Oldfield will take on leadership of the emergent Lloyds/HBOS
asset and motor finance division.
Furthermore, the Oldfield appointment
will take place within a wider restructuring involving asset
finance, which will see all activities which previously fell under
the banner of “commercial banking” for both organisations subsumed
into an overarching “wholesale” division.
Truett Tate, an American who joined
Lloyds TSB in 2003, is the new executive director of wholesale and
international banking, LBG confirmed.
A spokesman for Bank of Scotland said
that no other appointments in the LBG asset and motor finance
division had yet been finalised, with key personnel decisions
“still some weeks or months away”.
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