McFall quits as NBNK non–exec

Published on 18/07/2012 00:00

Lord McFall has resigned as a non-executive director of NBNK, the acquistions vehicle that last month failed in its bid to buy 632 branches from Lloyds Banking Group.

NBNK said that McFall, the former Treasury select committee chairman, was giving up all his directorships in the financial services sector after being appointed as a House of Lords member of the joint parliamentary commission on banking standards.

Chairman Lord Levene, who is to join insurance group Starr International as vice-chairman, said: “John’s experience and expertise will be invaluable to the commission and we wish him well.”

NBNK is winding itself up after taxpayer-backed Lloyds agreed deal terms with Co-op Bank, closing the door to rival bids.