Lord Leitch is to retire from the board of Lloyds Banking Group and as chairman of Scottish Widows Group at the end of 2011.

He informed the board of Lloyds Banking Group of his decision, citing increasing time pressure from his other business commitments.

Sir Win Bischoff, Lloyds Banking Group’s chairman, said: “The board and I have accepted with reluctance Sandy Leitch’s wish to retire from the Board after more than six years but respect his commitment to his other roles and the consequent demands on his time.