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Lloyds Banking Group is set to appoint a new CIO to lead the overhaul of its legacy technology systems, according to reports.

Lloyds Banking Group is set to appoint a new CIO to lead the overhaul of its legacy technology systems, according to reports.

It is expected that Lloyds will announce the recruitment of former Royal Bank of Canada IT chief Morteza Mahjour within days, writes Sky News. Mahjour, who will join high street lender after 25 years at RBC, will fill the vacancy left by Darryl West, following his departure to rival Barclays in September.

Mahjour will be tasked with improving Lloyds' ageing IT systems following years of under investment, as the bank seeks to modernise its business with the delivery of mobile and online services. The bank is currently in the midst of wide-reaching plans to cut costs simplify its IT estate, and plans further investment in digitising its operations.

However, like many UK banks, Lloyds has suffered a number of IT outages due to its reliance on decades-old infrastructure, with UK regulators are currently investigating the technology used by large banks following a series of high profile breakdowns.