Lloyds Bank CEO António Horta-Osório to step down in 2021 By

Antonio Horta Osorio CEO of Lloyds Banking Group leaves Downing Street in London Britain

António Horta-Osório will leave the role by the end of June 2021, as reported by the BBC.

Lloyds Banking Group said Chief Executive Antonio Horta-Osorio planned to leave the bank in a year's time as it announced that Robin Budenberg would take over as chairman in early 2021.

Lloyds Bank Chief Executive Antonio Horta-Osorio said today he would step down next year after a decade at the helm, leaving Britain's biggest domestic bank to find a successor to steer it through the coronavirus fallout.

"Everyone at Lloyds has unified around our goal of helping Britain prosper and our customers and communities are seeing our commitment to that now, more than ever".

"Until then he will continue to be completely focused with the executive team on delivering the remainder of the current strategic plan, as well as the plans put in place to address the COVID-19 pandemic effects and support our customers during these hard times", the bank added.

Budenburg will join the Lloyds board on October 1 and take over as chairman in early 2021. He also oversaw the full privatisation of the bank in 2017 after its government bailout in 2008.

He soon joined Citibank in Portugal before going on to join Goldman Sachs in New York City.

Shortly after he became the vice president of Banco Santander in Spain.

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Antonio Horta-Osorio CEO of Lloyds Banking Group leaves Downing Street in London, Britain, September 2, 2019.

JP Morgan analysts, on the other hand, said that Lloyds had several potential internal candidates for the role of CEO including David Oldfield (head of commercial banking), Vim Maru (head of retail banking), and William Chalmers (finance director).

In 2009 he became chief executive, then chairman, of UK Financial Investments, with responsibility for managing the UK government's investment in UK banks, including Lloyds.

As well as having a long career in investment banking, Mr Budenberg worked closely with the United Kingdom government in 2008 as an advisor on the recapitalisation of the United Kingdom banking industry.

In 2016, he was appointed chairman of the Crown Estate, helping to manage a £14 billion portfolio.

'His knowledge of the group, combined with his broad experience in both financial services and other strategic advisory roles, give him an outstanding background to provide the board leadership required to support the continued transformation of the group'.

His time at Lloyds has been eventful and gruelling.

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