Richard Dakin, the man behind Lloyds Banking Group’s post-crisis property deleveraging drive, is to leave the bank in November.
Under his leadership as head of corporate real estate business support unit and non-core Lloyds has recouped £24bn of value from real estate since the start of 2009. The “bad book” has decreased in size from £45bn in 2009 to less than £5bn and Dakin has been one of the most influential figures in UK property during that period.
Dakin’s departure is symbolic in that it marks the coming to an end of the turnaround of one of property’s biggest problem issues of the previous cycle, Lloyds’ having inherited HBOS’s loan book following the merger of the institutions in early 2009.
Dakin is not moving directly to a new role outside of the bank. In August last year he was appointed non-executive director at Derwent London.
Andy Cumming, managing director and head of global non core, said:
“Richard and the corporate real estate business support unit team have done a fantastic job over the last five years and have achieved outstanding results in exceptionally challenging circumstances, whilst always seeking to do so by working consensually with customers wherever possible.
“Under Richard’s leadership, the team has delivered a number of innovative solutions and with the non-core property book now at a significantly reduced level, Richard has decided the time is right to seek a new challenge. I would like to thank him for his significant contribution to the group and to wish him every success in his future career.”