By Mark Kleinman, City Editor
One of the City's veteran investment bankers is among a pack of candidates vying to lead the Government's sale of its £35bn stakes in two giant state-backed lenders.
Sky News has learnt that Robert Hingley has been shortlisted to become chief executive of UK Financial Investments (UKFI), the Treasury agency which manages taxpayers' shareholdings in Lloyds Banking Group and Royal Bank of Scotland (RBS).
Mr Hingley is one of a handful of names being circulated in Whitehall in relation to the role, although there is no indication that he is the frontrunner for the post, insiders said.
His rivals for the job include individuals from a range of backgrounds including non-bankers, they added.
Currently the director of investment affairs for the Association of British Insurers, the influential shareholder lobbying group, Mr Hingley has had a distinguished career in the City.
He serves as a senior adviser to Lazard, the independent investment bank, and has worked at firms including Schroders, Citigroup and Lexicon Partners, before joining the ABI last year.
The new boss of UKFI will take on arguably the organisation's most challenging brief since it was established in the aftermath of the 2008 banking crisis.
The agency, which is expected to publish its annual report later on Monday, is in the process of appointing a panel of banks to work on the sale of the Treasury's 81% stake in RBS and 39% of Lloyds.
An initial placement of Lloyds shares is expected within weeks, although a review of RBS's future structure means that a sale of the taxpayer's stake in the Edinburgh-based lender is unlikely until after the next general election.
UKFI has also been fighting for its future after the Parliamentary Commission on Banking Standards argued that it should be abolished after what it described as persistent interference from George Osborne in the running of RBS.
The Chancellor has since offered the body his public backing.
Jim O'Neil, UKFI's chief executive since last year, is returning to the private sector with Bank of America later this year.
People familiar with the process to identify Mr O'Neil's successor said the chosen candidate was also likely to be a plausible eventual replacement for Robin Budenberg as UKFI's chairman.
UKFI, which also manages the rump of Bradford & Bingley and Northern Rock's 'bad bank' declined to comment while Mr Hingley could not be reached for comment. An announcement is expected by the end of the summer.
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