Will Samuel to join TSB board immediately

Ecclesiastical chairman Will Samuel has been appointed chair of TSB Bank.

Samuel is also chairman of Howden Joinery Group plc. Previously he was a director at asset management firm Schroders, a vice-chairman of investment banking at Citigroup Europe and a senior adviser at the Prudential Regulatory Authority.  

Lloyds Banking Group chairman Sir Winfried Bischoff said: “This is a great appointment for Lloyds and for TSB. Will brings a wealth of experience to the role and is well regarded by the market and across the financial services industry. He is a key hire and will be instrumental in building TSB’s independent future as a challenger to the other high street banks.”

On his appointment, Samuel said: “I am delighted to be appointed as chairman of TSB. The bank has an exciting future ahead as we move to independence and establish ourselves as the home of local banking.”

The Lloyds Banking Group has been forced to sell TSB under the orders of the European Commission in return for the state aid it received when it was bailed out in 2008. Lloyds intends to float TSB through an initial public offering during 2014.