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Oct 7 (Reuters) - Tesco's financial arm confirmed
on Monday that it has appointed John Kingman, the businessman
who oversaw Britain's bailout of its banks in the financial
crisis, to its board as a non-executive director.
Kingman was closely involved in the British government's
response to the 2008 financial crisis as Second Permanent
Secretary to the treasury, and his appointment is effective next
month, Tesco Bank said in a statement.
Kingman, the former chairman of Legal & General Group Plc
, had been reported as a possible contender to be the
next governor of the Bank of England, although he has said he
does not want the role.
The statement from Tesco Bank, which offers personal banking
and insurance products, follows a Sky News report on Saturday
that Kingman will replace Graham Pimlott as chairman after the
company receives formal approval from regulators.
"I am delighted to welcome Sir John to the board. His
experience speaks for itself and will be invaluable as we drive
the change required to ensure the bank can best serve a broad
range of Tesco customers," Pimlott said.
The appointment comes a few months after Tesco Bank, with
over 5.6 million customers and 10.4 billion pounds in customer
deposits, said it halted mortgage lending due to stiff
competition.
(Reporting by Muvija M in Bengaluru; Editing by Bernard Orr)
Tesco (TSCO)
Legal & General (LGEN)