Wednesday, 3 November 2010
Santander boss Horta-Osório to be new Lloyds chief executive
A great and imaginative move on the part of Lloyds Banking Group bringing in Antonio Horta-Osorio in as the new CEO of the Group. Bringing with him the experience of integrating several UK banks, negotiating with the UK government and most importantly a global perspective. In many ways Lloyds Banking Group and RBSG have tried to emulate Santander, where Horta-Osorio comes from, with their manufacturing model to retail banking, so to bring one of the architects of the Santander strategy is a great coup. Hopefully his coming on board will inject a more outward looking strategy and maybe we will see a return of Lloyds to Latin America, once a key strategic plank of the old Lloyds Bank.