Edinburgh-based Tesco Bank said on Monday it appointed John Kingman to its board as a non-executive director with effect from November 1, 2019.

The appointment follows speculation Kingman will be Tesco Bank’s next chairman, succeeding Graham Pimlott.

Kingman was closely involved in the UK Government’s response to the financial crisis and was also the first chief executive of UK Financial Investments Ltd, the government body charged with managing the taxpayer’s banking interests.

He is also chairman of Legal & General and UK Research and Innovation.

Tesco Bank chairman Graham Pimlott said: “I am delighted to welcome Sir John (Kingman) to the board.

“His experience speaks for itself and will be invaluable as we drive the change required to ensure the bank can best serve a broad range of Tesco customers.”

Last month, Tesco Bank announced the sale of its mortgage portfolio to Lloyds Banking Group for £3.8 billion in cash.