A CONSERVATIVE peer has been appointed to the board of Lloyds Bank as the Government prepares to sell off the last of its stake in the group.

Lord James Lupton, who served as a Conservative Party Treasurer, has been named as chairman of Lloyd’s non ring-fenced bank. He also joins the board of the main bank in a non-executive capacity, becoming the second Conservative peer on the board.

Lloyds was bailed out by the Government during the financial crisis, and last month announced that it had recouped its £20.3 billion investment.

The sale of the Government’s final 0.89 per cent stake is expected this month.