OUTGOING Lloyds Banking Group chief executive Antonio Horta-Osorio is set to take over as chairman of investment banking and wealth management heavyweight Credit Suisse in May.

Mr Horta Osorio will stand down as chief executive of Lloyds, which owns Bank of Scotland and Scottish Widows, on April 30.

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Credit Suisse said Mr Horta-Osorio, 56, had been chosen from a field that included “numerous particularly well-qualified personalities” to succeed Urs Rohner as chairman of its board.

It described Mr Horta Osorio as a highly proven and recognized professional of the international banking business who was expected to make a major contribution to the future success of the bank.

The chairman of Lloyds, Lord Blackwell, said Mr Horta-Osorio had transformed the fortunes of the group in his ten years in charge.

He became chief executive in 2011, three years after the group received a £20.5bn bailout from the UK Government during the 2008 financial crisis.

“During his tenure he has transformed the Group’s fortunes and established a solid operational and strategic base from which it can continue to build a successful future. He will leave next year with the Board’s gratitude for all he has achieved,” said Lord Blackwell of Mr Horta-Osorio.

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Lloyds announced on Monday that it had recruited the head of HSBC’s personal banking and wealth business, Charlie Nunn, to succeed Mr Horta-Osorio as its chief executive.

Mr Nunn will receive a remuneration package that could be worth more than £5.5 million.

Mr Horta-Osorio received remuneration of £4.73m from Lloyds last year, down from £6.54m in 2018.

Credit Suisse directors have proposed that shareholders elect Mr Horta-Osorio as chairman at the company’s general meeting in April. Mr Rohner is to step down after 12 years on the board.

Former Credit Suisse chief executive Tidjane Thiam resigned in February.

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Mr Horta-Osorio entered the banking industry in 1987 with Citigroup in his native Portugal. He went on to hold senior roles at Santander, which included running its UK business, before joining Lloyds.

He said he looked forward to working closely with the board and management team of Credit Suisse to build on the group’s many strengths.