FINANCE: Richard Dakin is to leave Lloyds Banking Group in November after more than 30 years with the group.
Dakin has been in charge of deleveraging the group’s non-core commercial real estate assets for the past five-and-a-half years, reducing the group’s book from £45bn in 2009 to less than £5bn currently.
The bank has not confirmed any replacement for his role as managing director and head of the corporate real estate business support unit and non-core.
Andy Cumming, managing director and head of global non core, said: “Under Richard’s leadership, the team has delivered a number of innovative solutions and with the non-core property book now at a significantly reduced level, Richard has decided the time is right to seek a new challenge.
“I would like to thank him for his significant contribution to the group and to wish him every success in his future career.”
Separately, Lloyds has announced a wider reshuffle of its corporate real estate teams combining the corporate real estate global corporates and mid market teams.
This division will now serve all commercial real estate clients with a debt requirement of over £10m.
Lloyds said: “By bringing together the two parts into one team, clients will benefit from a single, consistent service and the strong capabilities the team will be able to offer from client relationship, structuring and distribution perspective.”
The combined team will be led by John Feeney, currently managing director, global corporates real estate, who will continue to report to Clare Francis, managing director for global corporates.
Marty Green, who currently leads the separate mid markets team, will form a pivotal part of Feeney’s leadership team upon the merger of the two teams.
Feeney said: “Our support for and commitment to the commercial real estate sector is demonstrated by our strong lending in recent years and through our role in helping our clients to access appropriate debt solutions.
“As our clients increasingly seek a broad range of funding solutions, bringing together our mid market and global corporate teams will enable us to provide them with the most appropriate solutions to fulfil their growth strategies.”
The social housing business will remain within the mid-markets team, with the team continuing to be led by Tony Oakley. The support for SME businesses within the real estate sector will continue unchanged by this news and continues to be led by Mark Ellis.
bridget.oconnell@estatesgazette.com
