Lloyds TSB restructures its Middle East banking operations

With immediate affect, both the local personal banking business and international off-shore banking will become one joint unit, known as 'Personal Banking'. This is in response to the clear need of the Bank's customers to have a seamless service across all of their bank accounts, services and banking relationships.

Reflecting the success of Lloyds TSB's efforts within the SME sector, the bank will be further developing its Business Banking team with several new senior appointments.

The Business Banking and Personal Banking teams form Consumer Banking led by Steve Williams, Chief Operating Officer, Middle East. The Wholesale Banking division, led by Director Bert de Ruiter, will remain unchanged.

Lloyds TSB has also announced the departure of its regional CEO Giles Cunningham. He has been appointed Director for Onshore Banking of Lloyds TSB International Banking in London. In addition, he is responsible for strategy and change within the Division. Bert de Ruiter will act as Interim CEO until an appointment is made to replace Giles as CEO Middle East.

Commenting on the structural changes at Lloyds TSB, Steve Williams said,

"Over the last three years Lloyds TSB has led the market in product innovation and customer service. We have introduced new concepts to the market such as interest on current accounts, fairer mortgages and transparently priced loans. We see innovation and service as our defining traits and it is in this spirit that we have refocused our entire personal banking operation on what works best for our customers."

"Our research shows that customers want a more streamlined banking service with fewer points of contact. By bringing off-shore banking and our local Personal Banking business together we will achieve this and create greater freedom and flexibility for our customers."

Commenting on the departure of Giles Cunningham, Bert de Ruiter, Director and acting CEO Middle East said,

"Giles' contribution to Lloyds TSB Gulf region is incalculable. In three years he has transformed our business and leaves an impressive legacy of success. As anyone who has worked with Giles will also tell you, he has always been a leader of great integrity, charm and warmth and whilst we are all thrilled that he remains within Lloyds TSB Group, we are very sorry to see him leave Dubai.

"We will continue to drive innovation and aspire to remain the most recommended bank in the UAE."