Lloyds Banking Group’s chief government Antonio Horta-Osorio. Photograph: Carl Courtroom/AFP by way of Getty Photographs

Lloyds Financial institution (LLOY.L) has introduced that outgoing chief government António Horta-Osório will go away before anticipated after touchdown the job of chairing Credit score Suisse’s (CSGN.SW) board.

Lloyds mentioned in a press release on Tuesday that Horta-Osório would now go away the financial institution on 30 April 2021. Lloyds initially mentioned he would depart by June of subsequent yr when Horta-Osório’s departure was first introduced in July.

The change comes after Credit score Suisse mentioned on Monday evening it could nominate Horta-Osório as the following chairman of its board. Horta-Osório will succeed Urs Rohner, who spent 12 years heading Credit score Suisse’s board. Horta-Osório will take up the position, topic to shareholder approval, on 1 Might 2021.

“I’m extraordinarily blissful that we will suggest a extremely confirmed and acknowledged skilled of the worldwide banking enterprise as my successor,” Rohner mentioned in a press release.

“I’m satisfied that, topic to the election on the subsequent annual basic assembly, and due to his spectacular report of accomplishments, António Horta-Osório will make a significant contribution to the longer term success of our financial institution as a number one wealth supervisor with robust international funding banking capabilities.”

READ MORE: Lloyds Financial institution poaches new chief government from HSBC

Horta-Osório has spent a decade accountable for Lloyds and spent the majority of his profession earlier than that at Santander. He has additionally labored at Citi (C) and Goldman Sachs (GS).

Horta-Osório mentioned he was “delighted” with the position and was trying “ahead to working intently with the Board and administration staff to construct on the Group’s many strengths.”

“This can be a time of nice alternative for the Group, its folks, shoppers and shareholders,” he mentioned in a press release.

Lloyds chairman Lord Blackwell congratulated Horta-Osório on his new position and mentioned: “He’ll go away subsequent yr with the Board’s gratitude for all he has achieved, and for his help and help in our planning for the management succession.”

Lloyds introduced on Monday that HSBC’s Charlie Nunn would substitute Horta-Osório as chief government on the financial institution. Nunn is at present head of wealth and private banking at HSBC (HSBA.L). His begin date at Lloyds is topic to negotiations.

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Shares in Credit score Suisse rose half a % in Zurich. Lloyds shares have been up 5% in London, a part of a broader rally for UK shares.

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