Ten years later, Horta Osório leaves Lloyds leadership

In late 2010 António Horta Osório dropped the bomb. He was going to leave Santander, a bank that seemed destined to lead one day, to take over the Executive Committee of Llodys. The UK’s largest retail bank had been involved in the wake of the financial crisis and was in a difficult situation. The intervention forced the State to enter the capital with a total of 39%.

Even so, the Portuguese banker set the bar high and then promised to give back to the bank, solve the legal problems, and return to the English taxpayers all the money they had put into the institution. Goals that he almost left in the middle when, eight months after taking over the leadership of Lloyds (March 2011), health problems motivated by overwork, removed him from the bank. Many then predicted its downfall.

But Horta Osório managed to recover, return to the leadership of the bank, and fulfill what he had promised. Not only did he manage to recover the bank, he returned £ 21 billion to the British state, a billion more than he had promised.

In the meantime, he also dealt with the PPI scandal, safe with the aim of protecting customers’ credits if they lost their jobs or became ill, which banks had been selling aggressively since 1990 and which were ultimately inefficient. Lloyds had most of this insurance and, just a few months after joining the bank, Horta Osório decided that he was going to pay customers. At the time it estimated losses with the PPI in the order of 3.2 billion euros, after all the bill turned out to be 22 billion pounds.

In the midst of this turmoil, the bank has become the UK’s largest digital bank with more than 16 million digital customers. In 2015 it returned to profits again and in 2017 the British State left the capital of the bank that has the largest UK shareholder base with more than 2.4 million shareholders.

According to information sent to newsrooms, Lloyds’ CEO still considers that people should not perpetuate themselves in positions, for the benefit of the institutions and themselves. “The exit will take place after finishing the third strategic plan designed for Lloyds for the period 2018-2020, which had as main objectives to prepare the bank for a digital world and contribute to the UK’s transition to a low carbon economy” the statement.

Still, the banker left the following message: “It is with mixed emotions that I announce my intention to leave the Lloyds Banking Group in June next year. It was a huge privilege to have the support of an extraordinary team, both on the Board of Directors and on the Executive Board, which I will continue to count on until we finish implementing our strategic plan, helping to transform the Group into the bank of the future. ”

Future that must now pass through Portugal.