Former boss of Bank of Scotland owner quits job after investigation

The former boss of Bank of Scotland owner, Lloyds Banking Group, has stepped down as chairman of Credit Suisse after less than 12 months following an investigation into his personal actions.

Antonio Horta-Osorio, who steered lending giant Lloyds back into private ownership after its 2008 financial crisis bailout, said in a statement issued by Credit Suisse his actions had led to “difficulties” for the Swiss bank.

“I regret that a number of my personal actions have led to difficulties for the bank and compromised my ability to represent the bank internally and externally,” the Portuguese banker said.

“I therefore believe that my resignation is in the interest of the bank and its stakeholders at this crucial time,” he added.

He was replaced as chairman by board member Axel Lehmann, the statement said.

Mr Horta-Osorio received a knighthood in the Queen’s Birthday Honours list in 2021 for his services to the financial sector, as well as his voluntary work for mental healthcare and culture.

He had headed up Santander’s UK arm before taking over at Lloyds in early 2011 the bank was on its knees after its £20.3 billion taxpayer bail out at the height of the financial crisis following an ill-fated rescue of rival HBOS.

The Lisbon-born 57-year-old, who has British citizenship, bowed out from Lloyds in April with a £2.1 billion first-quarter profits haul.