TSB turns to insurance veteran Prettejohn as next chairman

17 September 2021, 13:06 | Updated: 17 September 2021, 15:36

TSB, the high street bank, has raided the boardroom of its former parent company to find its next chairman.

Sky News has learnt that Nick Prettejohn, a non-executive director of Lloyds Banking Group and chairman of its insurance subsidiary Scottish Widows, is being lined up as TSB's next chairman by its Spanish owner, Sabadell.

An announcement about Mr Prettejohn's appointment is likely within days, City sources said on Friday.

His arrival will come amid continued speculation about the future ownership of TSB, which was part of Lloyds until 2015.

Sabadell signalled in the spring that a planned sale of the UK lender had been called off, although the Spanish group's chief executive said in June that offloading it remained a possibility.

Mr Prettejohn, who also chairs Reach, the publisher of the Daily Mirror, is a City veteran, having run Prudential's European arm and Lloyd's of London, and chaired Brit Insurance.

He also sat on the boards of the Prudential Regulation Authority and Legal & General.

His appointment at TSB will trigger his departure from the boards of Lloyds and Scottish Widows.

Richard Meddings, TSB's current chairman, said earlier this year that he would step down once a successor was appointed.

TSB and Lloyds declined to comment.