One of the highest-profile roles in the UK commercial property sector will be shared, in an innovative move from a company looking to give staff greater flexibility in their working lives.

Lloyds Banking Group said that its real estate and housing team would from now on have co-heads. Andy Hulme will split the leadership of the division with current head Madeleine McDougall, who has been in the role since 2017.

Lloyds said in a statement that the move will enable the bank to retain key talent, demonstrating its agility and commitment to supporting the work-life balance of its staff.

Hulme is chief executive and head of fund for the Housing Growth Partnership, a Lloyds Bank and Homes England initiative which provides investment support to the regional residential community to increase the number of new-build homes in the UK. He will move into the role of chairman of the fund, and McDougall will also join the board.

“It’s vital that we retain the talent that has played such an important role in the team’s success in recent years and Madeleine and Andy have been key to this,” Lloyds Managing Director of Large Corporates Scott Barton said. “This agile approach to working means we’re able to continue to provide the highest standards of service to our client base while offering Andy and Madeleine the flexibility to support their respective families and broader commitments.”

The willingness of companies to provide a flexible work-life balance has been identified as a key part of increasing diversity in property and business more generally.

Lloyds is the UK’s second-largest lender to commercial property, with a loan book of £17B at the end of 2018. Only Royal Bank of Scotland, with a loan book of £25B, is bigger.