Oct 6, 2019

John Kingman being lined up to chair Tesco Bank

Former Treasury official John Kingman is being lined up as the next chairman of Tesco Bank to replace Graham Pimlott. Sir John, who was put in charge of rescuing the UK's banks during the financial crisis, will take up a non-executive director position on the supermarket bank's board this month. If approved, Sir John's appointment would follow Tesco Bank's exit from the mortgage market, following a vicious price war, via a £3.8bn deal with Lloyds Banking Group announced last month. In May, Tesco blamed "Challenging market conditions" for lower profit margins across the British banking sector, and said it was halting new lending as well as selling its existing mortgage loans. Last week, the supermarket revealed its chief executive Dave Lewis will step down this summer, five years after taking up the role to revive the UK's largest supermarket following aggressive competition from discount retailers and an accounting scandal.

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