The Labour peer, John McFall, prior to the election a redoubtable chair of the treasury select committee, is to be a director in a new banking venture that will compete to buy government-backed assets such as Northern Rock and a portfolio of branches of Lloyds Banking Group.
Sir David Walker, who last year published a report on corporate governance, and Charlie McCreevy, the former European Union internal markets commissioner, will join McFall as directors. Lord Levene, a crossbencher and outgoing chairman of the Lloyd’s of London insurance market, will serve as chairman to the new venture.
