Win Bischoff, the former CEO of Schroders and ex-chair of Lloyds Banking Group and Citigroup, has died at the age of 81.

He died on 25 April following a short illness.

Bischoff started his career in 1962 at Chase Manhattan Bank, where he worked within the international department.

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In 1966, he joined Schroders in London in the company finance division. He was then promoted to managing director of Schroders Asia in 1971 in Hong Kong and became group CEO in 1984.

Bischoff then took on the role of chair of the asset management giant in 1995.

Following his decades-long tenure at Schroders, he went on to Citigroup, where he served as chair of the company's European arm, while also acting as a non-executive director of S&P Global, Eli Lilly and Company, Land Securities, Akbank and Prudential.

In 2009, he was appointed chair of Lloyds Banking Group, a position he held until 2014.

He then moved to the UK Financial Reporting Council, where he served as chair for five years.

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Commenting on Bischoff's passing, Elizabeth Corley, chair of Schroders, said: "It is with great sadness that we note the passing of Sir Win Bischoff.

"He drove Schroders' growth in Asia, and his partnership with Gowi Mallinckrodt was pivotal in shaping Schroders including the sale of the investment bank business to Citigroup in 2000.

"Sir Win had a significant impact in shaping Schroders. He will be remembered fondly by all those who worked with him. We send our sincere best wishes to his family."