Credit Suisse has named outgoing Lloyds Banking Group chief executive officer António Horta-Osório as its next chairman.
The change will bring the nearly decade-long tenure of outgoing chairman Urs Rohner to a close.
“António Horta-Osório shall succeed Urs Rohner who will step down in 2021 as previously announced upon reaching the statutory term of 12 years,” Switzerland’s second-biggest bank said in a statement, referring to Rohner’s 12-year boardroom stint, first as vice-chairmen and since 2011 as chairman.
“I am extremely happy that we can propose a highly proven and recognized professional of the international banking business as my successor,” outgoing Credit Suisse chairman Rohner said in a statement.
News of Osario’s appointment came a day after a replacement was announced for the 56-year-old Portuguese native at Lloyds, with HSBC banker Charlie Nunn due to take over from him next year. Nunn has not got a start date at Lloyds yet.
Horta-Osorio revived Lloyds in the aftermath of its 2008 government rescue during the financial crisis, with the bank returning to private ownership in 2017.
During his time at Lloyds the Portuguese banker won plaudits for championing mental health issues at companies after he was signed off work for two months in 2011 for stress-induced insomnia and exhaustion.
But he was blasted by MPs last year for “greed” in relation to his £6.3m pay packet which included a pension contribution worth 46 per cent of his base salary – reduced to 33 per cent after an outcry.
He pension contributions are now 15 per cent, in line with the majority of Lloyds employees.