Colin Walsh is to step down as chairman of both Lloyds Banking Group and the Council of Mortgage Lenders (CML).

This follows restructuring within Lloyds announced earlier this month.

On 1 June, Antonio Lorenzo announced his leadership teams for the retail and wealth business. A new managing director of products was appointed, with responsibility for all of the product areas – including mortgages.

There will also be a new director of intermediaries, although a person has yet to be appointed.

Walsh said it is the right time for him to leave the group. He will stay with the group for the next few months to support the transition to the new business model and the establishment and strategy development of the intermediary business.