Horta-Osório stepping down from Lloyds next June

Lloyds Banking Group chief executive António Horta-Osório will step down next June after a 10-year tenure.

The UK's largest banking group also unveiled Robin Budenberg as its new chairman, replacing Lord Blackwell from next year.

Horta-Osório took the job in March 2011, moving from the position of UK chief executive at Santander.

At the time, Lloyds was still reeling from the 2008 global financial crisis, which led to a £21 billion government bailout in return for a taxpayer-owned equity stake of 43 per cent.

By the end of that year, exhaustion caused by work-related insomnia led him to take a temporary period of leave from November 2011 until early January the next year.

The Portuguese banker gradually turned the group's fortunes around, with its first annual profit since the crisis posted in the 2014 financial year and resumed dividend payments.

Horta-Osório then had to deal with the group's central role in mis-selling payment protection insurance, which ended up costing the lender around £22 billion. And 2016, he wrote to 75,000 employees to apologise for the bad publicity caused by allegations of an affair with Wendy Piatt, a former aide to Tony Blair.

The following year, he presided over the bank going private again, as the government completed the last of a series of share sales.

Blackwell said: “During his tenure, he has overseen a comprehensive transformation of the group’s balance sheet, operations and customer propositions, including the repayment of the UK government’s £21 billion investment and evolution of the group into the UK’s largest digital bank.”

Horta-Osório added: “I have been honoured to play my part in the transformation of large parts of our business, I know that when I leave the group next year, it has the strategic, operational and management strength to build further on its leading market position.”

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