Lloyds Banking Group has appointed a new group chief risk officer, who is set to join the bank in September.
Javier Rodríguez de Colmenares joins the UK bank following more than a decade in risk roles at Santander, where he is currently the Spanish lender’s global chief risk officer for corporate and investment banking based in London.
Lloyds’ current group CRO, Stephen Shelley, is set to retire later this year after 15 years at the lender, in a role which oversaw a “fundamental reshaping” of the bank’s risk management function and culture.
“Javier . . . has an outstanding track record of transforming and innovating to drive a strong risk management culture, drawing on technology to deliver faster insight and decision-making,” Charlie Nunn, chief executive of Lloyds, said in a statement on Wednesday.
The appointment comes after the lender said in March that almost half a million Lloyds, Halifax and Bank of Scotland customers saw other people’s transactions or had their own data shared in a recent IT issue.
In a letter responding to the Treasury select committee’s enquiries about the incident, Lloyds said the glitch had affected up to 447,936 customers.
The cause of the incident was identified as a software defect, which occurred during an overnight update, according to the Treasury select committee.
The appointment also follows the bank’s recruitment for a new head of motor finance compliance, after its current lead stepped down at a time when the lender is grappling with the car finance mis-selling scandal.
Lloyds may need to further increase the already colossal £1.95bn it has set aside for the motor finance scandal, for which its current provision is a “best estimate”.
Both vacancies come as the bank builds a new operating model for non-financial risk management across the group.
Prior to Santander, Rodríguez de Colmenares worked in project finance for BBVA in Spain.