Lloyds chairman Bischoff to retire in the next year

LONDON (REUTERS) - Lloyds Banking Group said on Monday its chairman Win Bischoff, who has overseen a major restructuring of the business since it was rescued by the government in 2008, will retire in the next year.

The bank, which is 39 per cent owned by British taxpayers, said Mr Anthony Watson, its senior independent director, would lead the search for a new chairman.

Lloyds said Mr Bischoff will retire no later than next year's annual shareholders' meeting in May 2014.