Lloyds appoints Santander UK chief as new boss

3rd Nov 2010 09:16

Lloyds Banking has appointed Antonio Horta-Osorio, the head of Spanish bank Santander's UK business, as its new chief executive replacing Eric Daniels who is stepping down.Horta-Osorio, a Portuguese, has been a key figure behind the Spanish bank's expansion into the UK since he took up his current role in 2006. He has overseen Santander's acquisitions of former building societies Abbey, Alliance & Leicester and the savings business of Bradford & Bingley. He will join in early 2011 and take over as chief executive on March 1, Lloyds said.'We are delighted to have attracted someone with his experience in, and understanding of, the UK retail and commercial banking industry, as well as his track record in integrating three well respected UK retail banking franchises,' said Lloyds chief executive Sir Win Bischoff.'I would like to thank António for his significant contribution over the last four and half years as Chief Executive,' said Santander chairman Lord Burns. 'He has been at the heart of the successful turnaround and transformation of the bank under Santander's ownership.'Ana-Patricia Botin, daughter of Santander's chairman, will take over at the helm of Santander UK. Horta-Osorio is a member of the Bank of England's Court of Directors, which was set up in 1998 to monitor the Bank's performance after it was given independence. He has worked with Santander in Portugal and Brazil and previously worked with Goldman Sachs in New York and London.Eric Daniels presided over a volatile period at Lloyds. The decision to take over striken rival HBOS in 2008 during the depths of the financial crisis was controversial as the newly merged group soon had to rely on government aid to stay afloat.However, Lloyds, which is still 41%-owned by the government, earlier this year returned to profitability.As well as having to oversee the disposal of the government's stake, Horta-Osorio will work to ensure the bank continues achieving synergies following the takeover of HBOS.Lloyds said yesterday that better margins at its core banking business and bad debts under control kept state-controlled bank Lloyds' recovery on track over the past three months, despite 'subdued' loan demand.