UPDATE 1-Lloyds reshuffles capital markets group following Plehn departure
(Updates with further detail on Plehn reporting line)
By Anil Mayre
LONDON, May 14 (IFR) - Lloyds Commercial Banking has created two separate teams within its capital markets group following the departure of its head of asset backed solutions, Robert Plehn, to GE Capital International. His new position at GE, as capital markets leader, is effective July 1.
The UK bank says the creation of the two teams, called FI Capital and Asset Backed Solutions and Corporate Solutions, will allow it to provide a more client-focused approach.
"As a result of Robert's decision, we have taken the opportunity to re-shape our structuring and solutions capability to ensure it is even more focused on delivering clients the high-quality services they need in these areas", said James Garvey, MD of the capital markets group
Andrew Willett will run the FI group on an interim basis, alongside his current role as head of risk management and product solutions and strategic client solutions, reporting to Garvey.
The corporate solutions team is being expanded to focus on corporate, real estate and infrastructure and energy clients, and will continue to report to Willett.
At GE Capital International, Plehn will be responsible for all capital markets activities for businesses across Europe and Asia Pacific, covering cash flow and asset-backed loan and leasing.
He reports to Rich Laxer, President and CEO for GE Capital International, and functionally to GE Capital's global head of capital markets, Stewart Koenigsberg. Plehn replaces Ellen Brunsberg, who has been appointed president of GE Real Estate Europe.
Plehn was with Lloyds for more than 10 years, heading the Asset Backed Solutions Group from 2011. Before that, he was head of the Capital Markets Debt Products Group and head of securitisation and covered bonds.
Prior to Lloyds, Plehn headed ING Bank's securitisation team and was a partner in Sidley & Austin's securitisation group. (Reporting by Anil Mayre; Editing by Philip Wright)