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Friday, 7 January, 2000, 11:50 GMT
NatWest poaches Lloyds TSB executive

Derek Wanless Derek Wanless: casualty of management reorganisation


NatWest Bank has poached Lloyds TSB executive Gordon Pell to head up its revamped banking division.

Mr Pell will join NatWest as chief executive of UK banking on 1 February, a new position where he will be in charge of the group's corporate and retail banks.


Sir David Rowland: "significant appointment for NatWest"

He will also become a group director at NatWest. Currently, he is executive director of retail distribution with Lloyds TSB.

The move is being seen as a boost to NatWest, currently the subject of a bidding war between the Bank of Scotland and the Royal Bank of Scotland.

NatWest's weak management record has attracted investor criticism in the past.

Since the Bank of Scotland announced its bid, NatWest chief executive Derek Wanless has left. Chairman Sir David Rowland has taken over the chief executive's duties and appointed Ron Sandler chief operating officer.

Management revamp

The reorganisation of NatWest's management team is not over yet. Sir David said more managerial changes could follow.

He said: "Gordon Pell's appointment is clearly a significant one for NatWest and strengthens considerably the top management team."

He said the management team was now "capable of competing with the best in the industry".

"He has an outstanding record in large-scale retail banking and the fact that we have been able to attract him reflects the great potential for the transformed NatWest," the chairman said.

Blow for Lloyds

The move is a blow to Lloyds TSB, who only last month gave Mr Pell fresh responsibilities in a management reshuffle.

Mr Pell was executive director in charge of retail distribution, including e-commerce, at Lloyds TSB.

During the merger of Lloyds and TSB in 1996, he was responsible for introducing customer service programmes and managing joint banks' remote processing centres.

He was also responsible for the reduction in Lloyds TSB's branch network.

Dennis Holt, managing director of Lloyds TSB insurance, is to take Mr Pell's old job.

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See also:
08 Oct 99 |  The Company File
NatWest chief executive ousted
03 Jan 00 |  Business
Lloyds TSB goes European
07 Jan 00 |  Business
BoS: We will reverse NatWest decline

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