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António Horta-Osório will be the next president of the board of directors (president) of Banco Credit Suisse. The CEO of Lloyds had announced in June that this British bank was leaving and its fate was still unknown.
He spent 28 years in executive positions as Chief Executive Officer (CEO), first at Spanish Santander and then at Lloyds.
The entry into office, now non-executive, will occur on May 1, after the confirmation by shareholders at the bank of this appointment, which is expected to take place on April 30. Horta-Osório will assume full-time duties, which will mean that he will relocate to Zurich, home to Credit Suisse.
However, this move will allow Horta-Osório to remain connected with Portugal since the bank is active in Portugal, one of the 65 countries where it is present.
Urs Rohner, current Chairman of the Credit Suisse Group, said in a statement issued Tuesday, December 1, that he was “extremely pleased to be able to propose a highly recognized and proven international banking professional as my successor. I am convinced that, subject to election at the next Annual General Meeting, and thanks to his impressive record of accomplishments, António Horta-Osório will make an enormous contribution to the future success of our bank as a global leader in wealth management with strong capabilities in banking of investment “.
At 56 years old, the Portuguese coach will be the first non-Swiss to occupy this position in the Credit Suisse, a group that is present in more than 50 countries around the world, including Portugal. Horta-Osório, who declares himself “very satisfied” with the appointment, adds that he is “highly motivated to continue developing the multiple strengths of the group, in close collaboration with the Board of Directors and the management team. This is a time of great opportunity for the Credit Suisse Group, for its employees, customers and shareholders ”.
Speaking to Expresso in July this year, after his departure from Lloyds was known, Horta-Osório said that his future was open and that he did not exclude Portugal. “I don’t see my future linked to banking forever,” he added.
One year renewable term
The Credit Suisse board of directors is responsible for the general direction, supervision and control of the group, and its members are subject to individual election by the general meeting of shareholders and are appointed in each case for a period of one year, which may last being renovated. Urs Rohner has been in management for 12 years, the maximum limit defined by the bank’s bylaws.
Credit Suisse’s board of directors is responsible for “periodically evaluating the competitive position of the group and approving its strategic and financial plans”, as well as “reviewing and evaluating the adequacy of the risk management of the strategy”.
He is also responsible for appointing or removing members of the executive committee, reviewing and approving significant changes in the group’s structure and organization, and actively participating in strategically important acquisitions and divestitures, strategically relevant investment plans and projects.
10 years of Lloyds
When he leaves Llloyds in five months, Horta-Osório will have completed 10 years at the helm of the British bank and completed the third strategic plan designed for the bank for the period 2018-2020. It was in march 2011 that happened to lead the bank, at the invitation of the British Government, to lead the restructuring after the acquisition by Lloyds of HBOS, which represented the entry of the State in the capital with 39%.
In February 2015, Llodys returned to profits, for the first time in 7 years, and to the payment of dividends to shareholders. In 2017, Lloyds returned to the private sphere, returning the entire £ 21 billion from taxpayers to the State, plus an additional £ 900 million.
Lloyds is currently the UK’s largest digital bank with more than 16 million digital customers and the only one with an integrated financial products platform including banking and insurance products, with more than 2.4 million shareholders.
A long history in banking
Horta-Osório began his career at Citibank in 1987 in the capital markets area, then he worked at Goldman Sachs in New York and London in Corporate Finance and in 1993 created Banco Santander de Negócios Portugal, being appointed CEO at the age of 29 years. In 1996 Santander started its retail activities in Brazil with the acquisition and subsequent merger of two local banks.
Another important milestone in his career was the agreement between António Champalimaud, Santander and CGD that led to the creation of Santander Totta in 2000. Six years later he moved to London to assume the executive presidency of Abbey, which, after acquiring two more banks during the financial year crisis, gave rise to Santander UK. He was also appointed by the Queen of England as a non-executive director of the Bank of England in a personal capacity, and in 2011 he left Santander for Lloyds.
In January 2015 he assumed the chairmanship of the board of directors of the Wallace Collection Museum in London, a position in which he was re-elected for another two years. And he’s a non-executive director Champalimaud Foundation, Francisco Manuel dos Santos Society, INPAR (holding of the Lemann family) and Exor (holding of the Agnelli Family).
