UPDATE 1-Lloyds Bank shuffles management team ahead of 2018 strategy | Reuters

(Adds CEO quote, details, share price)

LONDON, July 5 Lloyds Banking Group has
reshuffled its senior management team, it said on Wednesday, as
Britain’s biggest mortgage lender prepares for the next phase of
its transformation into a leaner, low-risk bank.

The changes include naming Juan Colombas to the new role of
chief operating officer, giving Chief Financial Officer George
Culmer oversight of the legal and strategy teams, and naming
Zaka Mian as group director for transformation.

Chief Executive Antonio Horta-Osorio said the changes will
help the bank pursue a strategy of being a simplified, low-risk
lender focused on the UK.

“The changes we are announcing today are fundamental to
prepare the Group for the next phase of its transformation under
our upcoming strategic plan for the period 2018 – 2020,”
Horta-Osorio said in the announcement.

Lloyds, which nine years ago was bailed out in a 20 billion
pound ($25.83 billion) rescue during the financial crisis,
returned to full private ownership in May with the sale of the
last of the government’s shares in the bank.

Horta-Osorio has faced repeated questions from analysts and
investors in recent months over the timing of his departure
after the lender reached that key milestone on the path to
rehabilitation following its near-demise in 2008.

“There’s always more to do, and I am happy here,”
Horta-Osorio told analysts on a conference call in April in
response to questions about his future at the bank.

Along with the many changes to individuals’ responsibilities
announced on Wednesday, the bank said it is creating a new,
broader group executive committee.

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The bank also announced some departures.

Andrew Bester, who ran Lloyds’ commercial division, and
Simon Davies who was responsible for legal and strategy matters,
are both leaving Lloyds.

Lloyds shares fell 0.5 percent by 1024 GMT, against a flat
benchmark STOXX European bank index.
($1 = 0.7744 pounds)
(Reporting by Lawrence White; editing by Jason Neely and Louise