Lloyds Banking Group has appointed Sir Win Bischoff, the former chairman of US bank Citigroup, as its new chairman.
The appointment follows current chairman Sir Victor Blank's decision to step down, which was announced earlier this year.
Sir Win will take up his position in September.
Lloyds says it consulted with major shareholders, including the UKFI, which manages the government's 43% stake in the company, before making the decision.
It says the appointment has been approved by the FSA.
Sir Win says he is "honoured" by the appointment to a firm which has a "proud history and excellent customer franchise".
He adds: "Short-term we face many challenges but, in the longer term, the group is well positioned to deliver significant benefits to its customers, shareholders, employees and the public."
Outgoing chairman Sir Victor says: "Sir Win has a wealth of senior banking experience which will be very valuable to the group in the future as the two banks are integrated to create the success the board envisages."
Sir Victor and chief executive Eric Daniels have been heavily criticised for overseeing last year's takeover of HBOS, which made a loss of £11bn in 2008.
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