In the light of the announcement, the Board has appointed Lord Leitch, who becomes the Group’s senior non-executive director at the forthcoming AGM, as Deputy Chairman with immediate effect.
Sir Victor said: “I believe it is the right time for the Group to appoint a new chairman. I will continue working until my successor is appointed to ensure the successful integration of the two banks. This remains – in the medium term – a unique value-enhancing opportunity.”
Lord Leitch said: “The Board was unanimous in wanting Sir Victor Blank to seek re-election as Chairman for another three years. We are very sad about Sir Victor’s personal decision to retire, although we respect and understand his reasons for it.
Sir Victor is a first-class Chairman and we are delighted that he will continue with us to ensure an orderly succession and the continued integration.”
Eric Daniels, Group Chief Executive, said: "Victor has played a very important role as our Chairman during a period of significant change for our company and at a time when there has been unprecedented volatility in the markets. I look forward to continuing to work closely with Victor and to ensuring an orderly transition to an appropriate successor.”
