Lloyds Banking Group CEO to retire next year

LONDON: Eric Daniels, the chief executive of part-nationalized Lloyds Banking Group, says he intends to retire in a year's time.

The bank announced the decision Monday. The 59-year-old Daniels was promoted to chief executive of Lloyds TSB in 2003, and led the company's merger with Halifax/Bank of Scotland in 2009.

But the merger loaded the company with poorly performing loans and it was forced to turn to the government for support.

The government now holds a 40.6 per cent stake in the bank.