Credit Suisse boss Antonio Horta-Osorio resigns after breaching Covid rules

17 January 2022, 11:35

Antonio Horta-Osorio has resigned as chairman of Credit Suisse
Antonio Horta-Osorio has resigned as chairman of Credit Suisse. Picture: Alamy

By Patrick Grafton-Green

The former boss of Lloyds Banking Group has stepped down as chairman of Credit Suisse after an internal investigation found he broke Covid rules.

Antonio Horta-Osorio had been in the job less than 12 months.

He said in a statement issued by Credit Suisse his actions had led to "difficulties" for the Swiss bank.

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"I regret that a number of my personal actions have led to difficulties for the bank and compromised my ability to represent the bank internally and externally," the Portuguese banker said.

"I therefore believe that my resignation is in the interest of the bank and its stakeholders at this crucial time," he added.

It comes following reports he breached Covid rules twice last year, once when he attended the Wimbledon tennis finals when he should have been quarantining after recently arriving from Switzerland.

He also reportedly breached Swiss rules later in the year when he flew from London to Zurich and then back again within three days, failing to quarantine before his return trip.

He has been replaced as chairman by board member Axel Lehmann, the statement said.

Mr Horta-Osorio received a knighthood in the Queen's Birthday Honours list in 2021 for his services to the financial sector, as well as his voluntary work for mental healthcare and culture.

He had headed up Santander's UK arm before taking over at Lloyds in early 2011 the bank was on its knees after its £20.3 billion taxpayer bail out at the height of the financial crisis following an ill-fated rescue of rival HBOS.

The Lisbon-born 57-year-old, who has British citizenship, bowed out from Lloyds in April with a £2.1 billion first-quarter profits haul.