Lloyds Banking Group is likely to name Lord Norman Blackwell as its new chairman, replacing Win Bischoff.

Blackwell’s appointment, which is subject to regulatory approval, could come in the next few days.

Blackwell, who is currently chairman of Lloyds’ Scottish Widows subsidiary, has joined Lloyds board in June last year.

Bischoff said that he plans to retire as chairman after steering the partially state-owned lender through the aftermath of the financial crisis.

Prior to joining Lloyds, Blackwell served as senior independent director of insurer Standard Life and was a non-executive of retailer Dixons. Earlier to this he has also served various roles including as former McKinsey partner and as development director at NatWest.

The government has sold a £3.2 billion stake in Lloyds this year. The bank had received a £20 billion support from government in 2008.