The boss of MBNA, the credit card business bought by Lloyds Banking Group, is to spearhead its new owner’s push for market share growth even as concerns mount over the wider consumer credit environment.
Sky News has learnt that Elyn Corfield, who has been MBNA’s managing director since Lloyds’ £1.9bn takeover completed in June, will assume charge of the bank’s overall cards operation.
Her appointment will be announced internally later on Monday, according to insiders.
Ms Corfield’s promotion will make her one of the most powerful consumer credit executives in Britain, even as regulators pay closer scrutiny to rapid expansion in some parts of the market.
It will mark the latest phase in a shake-up of Lloyds’ senior and middle management by Antonio Horta-Osorio, the bank’s chief executive.
In July, he reshuffled most of his top team in a restructuring which saw the departure of its commercial banking and human resources chiefs.
The overhaul was interpreted by analysts as simultaneously confirming Mr Horta-Osorio’s long-term commitment to Lloyds and providing clues to the identity of his eventual successor.
Ms Corfield’s elevation places her in charge of a business which commands a 26% share of the UK credit card market – putting it second only to Barclaycard. The MBNA deal increased Lloyds’ market share from 15%.
She replaces Dan Meredith-Jones, who is understood to be moving to a role in Lloyds’ commercial bank.
Among her responsibilities will be to decide on the future of MBNA’s Cheshire headquarters, although Lloyds has been clear that it will continue to use its new subsidiary’s name as a “challenger brand”.
A number of other senior appointments are also expected to be announced internally on Monday.
The shake-up comes nearly four months after the Government sold the remainder of its Lloyds shareholding, which had stood at 43% in the aftermath of the 2008 banking crisis.
Lloyds declined to comment on Monday.