By Mark Kleinman, City Editor
Andy Haste, the former boss of RSA Insurance, is being lined up to take the helm of TSB as it prepares for a rebirth as an independent bank on Britain's high streets.
Sky News can reveal that Mr Haste has emerged as the preferred candidate to become chairman of TSB ahead of a planned flotation on the London Stock Exchange next year.
Mr Haste, who stepped down from RSA in 2011, has not yet formally agreed to take the role, and the approval of the Prudential Regulation Authority, the UK banking watchdog, would also be required.
That consent is unlikely to be withheld, however. Mr Haste is highly regarded from his time at RSA, where he steered the company from the brink of collapse, although it has endured a rockier period since his departure with two profit warnings in the last 10 days alone.
His appointment as TSB's chairman would give a boost to the prospects of a successful flotation of what will be the UK's seventh-largest lender.
Lloyds Banking Group, which is 33%-owned by taxpayers, has to sell TSB under the orders of the European Commission in return for the state aid it received when it was bailed out in 2008.
Lloyds had planned to sell the 632 branches to the Co-operative Group, a plan which was abandoned because of the financial crisis at the mutual.
TSB was relaunched in September and has pledged to restore local banking services to British communities.
The bank has a 4.3% share of the current account market and under the stewardship of Paul Pester, chief executive, wants to increase that to at least 6%.
It will also make a series of commitments next year about executive pay and transparency of lending decisions as it tries to distinguish itself from its high street rivals, many of whom remain tainted by mis-selling scandals which pre-date the financial crisis.
Mr Haste has taken on a portfolio of jobs since leaving RSA, including the deputy chairmanship of Lloyd's of London and an ad hoc role with Advent International, the private equity firm.
Taking on the TSB role would reunite him at least temporarily with George Culmer, the Lloyds Banking Group finance director, who joined the lender from RSA.
Among the other candidates interviewed for the TSB chairmanship was Dennis Holt, a former Lloyds TSB executive.
Lloyds has lined up Citi and JP Morgan, the investment banks, to work on the TSB flotation, which is pencilled in for the middle of 2014.
Lloyds declined to comment, while Mr Haste could not be reached for comment.
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