Lloyds Banking Group says Winfried Bischoff to retire

Bischoff was previously the chairman of US bank Citigroup,

Lloyds Banking Group said today that chairman Winfried Bischoff will retire from the post by the middle of next year after overseeing a partial turnaround of the state-rescued British bank.

"The board of Lloyds Banking Group announces that its chairman since September 2009, Sir Winfried Bischoff, will be retiring no later than the shareholders meeting in May 2014. The exact date will be subject to the appointment of his successor," LBG said in a statement.

Bischoff, previously chairman of US bank Citigroup, added: "Lloyds Banking Group has, over the past four years, made significant progress in its goal to become a strong, efficient, UK-focused retail and commercial bank."Whilst clearly some challenges remain, the performance of the group is well on track. Indeed, in many areas, it is ahead of plan. This gives me every confidence in the future success of the group and it is therefore a good time to start the search for my successor."

LBG was created by a merger of Lloyds TSB and rival British lender HBOS in the wake of the 2008 financial crisis. LBG subsequently received a massive bailout and is currently 39-percent government-owned.