Lloyds Banking Group plc (LBG) — current owner of Bank of Scotland and Scottish Widows — has announced board changes following a “new ring-fencing governance arrangements” direction from the UK’s Prudential Regulation Authority.
LBG said: “The latest Direction from the PRA dated 8 May 2026 in respect of ring-fencing governance for Lloyds Banking Group allows all board members of Lloyds Bank plc and Bank of Scotland plc (together, the ‘Ring-Fenced Banks’) also to be board members of Lloyds Banking Group plc …
“Following this change, the Group is pleased to announce that Nigel Hinshelwood (currently the Senior Independent Director of the Ring-Fenced Banks) will join the Group’s Board as an independent non-executive director and become a member of the Group’s Audit Committee, Board Risk Committee, Nomination and Governance Committee and Remuneration Committee, in all cases on 1 November 2026.
“The Boards of the Group and the Ring-Fenced Banks currently operate an aligned board model and Nigel has attended meetings of the Group’s Board and its Audit Committee, Board Risk Committee, Nomination and Governance Committee and Remuneration Committee, in each case as an observer, since his appointment as Senior Independent Director of the Ring-Fenced Banks from 1 January 2019.
“Two other directors of the Ring-Fenced Banks, Sarah Bentley and Brendan Gilligan, will step down as directors of the Ring-Fenced Banks on 28 February 2027 after over 8 years of service.”
Hinshelwood was previously a partner at Ernst & Young, and also held various roles at HSBC, including Deputy CEO of HSBC Bank plc, Head of HSBC Insurance Holdings, Chief Operating Officer for EMEA and Global Head of Operations.
Hinshelwood was formerly a Non-Executive Director of Lloyd’s of London, AXA XL UK, Nordea Bank Abp and Ikano Bank.
“Currently Nigel is Chair and Non-Executive Director of Marsh Limited, International Advisory Council Member of Adobe Systems Software Ireland Limited, Advisory Council Member of International Association of Credit Portfolio Managers, Member of the Google Cloud Advisory Board of Google Cloud EMEA and Senior Advisor to Capital.Com,” said LBG.
LBG chair Robin Budenberg said: “Sarah and Brendan leave with our best wishes and gratitude. I would like to thank both of them for their long-standing service to Lloyds Banking Group as non-executive directors of the Ring-Fenced Banks and as observers of the Group Board.
“Their valued insight and sound counsel have been greatly appreciated in both roles, particularly in relation to the implementation of our ring-fenced governance arrangements. I am grateful to Nigel for agreeing to join the Group’s Board and look forward to his continued contribution.”
In a separate statement, LBG announced the appointment of Chris Rhodes as an independent non-executive director of the group and a member of its Audit Committee and Board Risk Committee, with effect from November 1, 2026.
“Chris has over 30 years of UK banking industry experience having held senior leadership roles across finance, treasury, operations, and product and proposition development and marketing,” said LBG.
“Chris started his career at Ernst & Whinney (a legacy firm of EY). He then joined Alliance & Leicester plc where he qualified as a chartered accountant and undertook a range of roles including Interim Chief Executive Officer, Group Finance Director, Managing Director of Retail Banking and Operations Director.
“He then joined Nationwide Building Society and held roles including Chief Financial Officer, Chief Products and Proposition Officer and Group Retail Director.
“Until earlier this year Chris was Chief Executive Officer of Virgin Money following its acquisition by Nationwide Building Society. Chris currently has no other external commitments.”
Budenberg said: “We are delighted that Chris is joining our Board. He brings outstanding experience of the financial and regulatory management of financial institutions and deep retail customer knowledge.”