Lloyds hires Santander boss as CEO

Lloyds Banking Group has appointed Santander’s UK boss António Horta-Osório as its new chief executive.

/o/p/e/Antonio.jpg

Horta-Osório (pictured) will replace Eric Daniels next March and take on overall responsibility for Lloyds brands including Lloyds Bank, Bank of Scotland and Halifax.

His appointment will be a surprise to many investors and analysts. UK retail banking head Helen Weir and finance director Tim Tookey have been widely tipped to take over from Daniels.

Horta-Osório has been chief executive officer of Santander UK since 2006. He has overseen Santander’s expansion in the UK that began with the acquisition of Abbey National and continued last year with the acquisition and integration of Alliance & Leicester and the Bradford & Bingley savings business.

Daniels marshalled Lloyds’ takeover of HBOS in 2008. The acquisition forced Lloyds to seek £17bn of state aid, which has left it 41% owned by the Government.

Bad debts have blighted Lloyds since the HBOS takeover but the group said yesterday (2 November) that it was profitable in the third quarter and expected to stay in the black for the full-year.

Latest from Marketing Week

NOT REGISTERED? IT'S FREE, QUICK AND EASY!

Access Marketing Week’s wealth of insight, analysis and opinion that will help you do your job better.

Register and receive the best content from the only UK title 100% dedicated to serving marketers' needs.

We’ll ask you just a few questions about what you do and where you work. The more we know about our visitors, the better and more relevant content we can provide for them. And, yes, knowing our audience better helps us find commercial partners too. Don't worry, we won't share your information with other parties, unless you give us permission to do so.

Register now

THE BEST CONTENT

Our award winning editorial team (PPA Digital Brand of the Year) ask the big questions about the biggest issues on everything from strategy through to execution to help you navigate the fast moving modern marketing landscape.

THE BIGGEST ISSUES

From the opportunities and challenges of emerging technology to the need for greater effectiveness, from the challenge of measurement to building a marketing team fit for the future, we are your guide.

PERSONAL AND PROFESSIONAL DEVELOPMENT

Information, inspiration and advice from the marketing world and beyond that will help you develop as a marketer and as a leader.

Having problems?

Contact us on +44 (0)20 7292 3711 or email subscriptions@marketingweek.com

If you are looking for our Jobs site, please click here