UKFI has confirmed that the sale of the government’s stakes in Royal Bank of Scotland Group and Lloyds Banking will take longer than expected.
Retiring chairman David Cooksey says the market environment has delayed the sale of the government’s holdings.
Cooksey is to be replaced by Robin Budenberg, with Jim O’Neill taking over as chief executive in April.
O’Neill is currently responsible for the Lloyds and RBS stakes acquired by the government through bailouts of the banks.
David Cooksey says: “Now is the right time for me to hand over the reins. The last two and a half years have been extremely challenging for UKFI and for the banks in which it has investments.
“UKFI now has strong working relationships with its stakeholders and has successfully achieved the restructuring of the Wholly Owned portfolio.”
“Disposal of the investments in Lloyds and RBS will inevitably take longer than originally expected, given the challenging economic and banking industry environments both in the UK and globally.”