Board change expected

Ex-Treasury official Kingman lined up to chair Tesco Bank

Tesco Bank

Bank has sold its mortgage business

Former Treasury official Sir John Kingman, who played a central role in the rescue of Britain’s banks, is poised to become the chairman of Edinburgh-based Tesco Bank.

Sources expect him to be appointed a non-executive director of the supermarket group’s financial services division and Sky News says he will then replace Graham Pimlott.

The bank recently sold its mortgage book to Lloyds Banking Group in a £3.7bn deal and this week announced a sharp fall in profit as customer deposits slumped.

Sir John has been chairman of Legal and General since 2016. He is also Chair of UK Research and Innovation, which oversees £7bn of annual Government science and innovation funding.

Last year he undertook an independent review of the Financial Reporting Council, recommending its replacement by a new Audit, Reporting and Governance Authority and ending self-regulation of the major audit firms. The Government is committed to implementing his recommendations.

Should he take up the role at Tesco Bank it will end speculation linking him to the Bank of England where he had been considered a replacement for Mark Carney as governor.

Tesco surprised the City last week by announcing that Dave Lewis, who has run Britain’s biggest retailer since 2014, will be leaving next year. He will be replaced by Boots Alliance boss Ken Murphy.

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