Antonio Horta-Osorio, the chief of Lloyds Banking division, has said that he supports ringfencing, which separates bank's functions, as recommended by the Sir John Vickers' commission.

Lloyds is among the banks facing penalty charges over the Libor rate rigging scandal. The bank released an apology of sorts to the CBI Scotland, a sign that it is ready to take responsibility for the errors of the past and is now ready to redefine itself as a fair banking service provider.

Horta-Osorio said that he will work towards creating a new structure for Lloyds ahead of the 2019 deadline in order to move away from the tainted investment banking model. He stressed that Lloyds is a retail and commercial bank.

He rightfully also pointed out that Lloyds was among the first banks to offer compensation for the mis-selling of payment protection insurance and it was the one that proposed mechanisms to make it easier for customers to switch banks.

Customers and shareholders of the bank will now look at the efforts of the chief to redefine the banks and meet the expectations set by the promises made by the management to made amends in order to help Lloyds remain its respectful position in the market.