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Portuguese banking sector manager António Horta Osório has been appointed chairman of Credit Suisse’s board of directors, a position he is expected to assume in May. The news comes ahead this Tuesday, in a statement issued by the Swiss bank itself.
Horta-Osório is now leaving the executive chairmanship of British bank Lloyds, a departure announced last June to take over as chairman of the Zurich-based bank’s board of directors.
“The Board of Directors of Credit Suisse Group AG proposes to shareholders to elect António Horta-Osório as the new Chairman of the Board of Directors at the next Annual General Meeting, on April 30, 2021,” says the Swiss bank.
Horta Osório will succeed Urs Rohner, who will step down as chairman of the bank’s board “in 2021, as previously announced,” the statement read.
However, its exit from Lloyds Bank will only take effect once the third strategic plan designed for the bank for the 2018-2020 period has been completed, the results of which will be released to the market when Horta Osório ends a 10-year period at in front of that financial institution. says a source close to the manager.
Urs Rohner, the current chairman of the Swiss bank’s management, said he was “extremely pleased to propose a highly recognized and proven professional in international banking” as his successor. “António Horta-Osório will make an enormous contribution to the future success of our bank as a world leader in wealth management with strong investment banking capabilities,” the statement read.
In the next five months, Horta Osório will complete the implementation of the strategic plan presented in 2018, and “will continue to lead the bank’s response to the enormous challenges posed by the economic consequences of the pandemic and ensuring the transition from leadership to its successor, in a calm and organized, ”he says.
António Horta-Osório is 56 years old and currently the CEO of Lloyds Banking Group, the UK’s largest commercial and retail bank. He started his banking career in 1987 at Citigroup in Portugal. Between 1991 and 1993, he worked in corporate finance at Goldman Sachs in New York and London.
In 1993 he joined the Santander Group, where he was responsible for various executive functions, developing business in several important countries: first as CEO of Banco Santander de Negócios Portugal until 1996; then between 1997 and 2000 as CEO and President of Banco Santander Brasil; from 2000 to 2006 as CEO of Banco Santander Totta (Portugal), as Executive Vice President of Banco Santander in Spain from 2000 to 2010 and from 2006 to 2010 as CEO of Santander UK / Abbey.
In March 2011, he assumed his current position at Lloyds Banking Group. António Horta-Osório also served at the Bank of England Court of Justice between 2009 and 2011.
Credit Suisse is present in more than 50 countries around the world, including Portugal.
The Board of Directors of Credit Suisse (CA) is responsible for the general direction, supervision and control of Credit Suisse Group AG.
The members of the board and its president are subject to individual election by the general meeting and are appointed, in each case, for a period of one year, but re-election is possible and desired to favor the development of specific business knowledge.
Responsible for the general direction, supervision and control of Credit Suisse, a body that will be led by Horta Osório periodically assesses the group’s competitive position and approves its strategic and financial plans.
The board of directors also has the power to appoint or remove the executive president and the members of the executive committee, and to review and approve significant changes in the structure and organization of the group. In addition, it actively participates in strategically important acquisitions and divestitures and in relevant investment plans and projects.
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