(Bloomberg) — Credit Suisse Group AG proposed Lloyds Banking Group Plc chief Antonio Horta-Osorio as its next chairman, as the Swiss bank seeks to reverse a run of low profitability.
Shareholders will vote on the 56-year-old’s nomination at the bank’s next annual general meeting on April 30, Credit Suisse said in a statement on Tuesday. He will succeed Urs Rohner, who is departing after reaching his term limit.
Horta-Osorio, a native of Portugal, is one of the U.K.’s best known executives and the longest serving boss of a major bank in Britain. His pay package often stoked controversy even as he steered Lloyds to profitability and full private ownership after a bailout during the financial crisis.
“Antonio Horta-Osorio will make a major contribution to the future success of our bank as a leading wealth manager with strong global investment banking capabilities,” Rohner said in the statement.
Credit Suisse missed analyst estimates in key businesses and failed to capitalize on a trading rally that lifted rivals as Chief Executive Officer Thomas Gottstein reins in risk-taking following a series of missteps. Profit was dragged lower by the key international wealth management and Swiss units.
Lloyds poached HSBC Holdings Plc’s Charlie Nunn as Horta-Osorio’s successor, a choice that puts a wealth veteran at the helm of the British bank.
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