António Horta Osório to be Chairman of Credit Suisse

Horta Osório will be elected Chairman of the Board of Directors of Credit Suisse in May. The bank is present in Portugal. The appointment will be quick, as being a Swiss bank you do not need to undergo the ECB's lengthy assessment.

António Horta Osório will be the next Chairman of Credit Suisse.

The Portuguese banker with an international career already has a new position secured at the bank based in Zurich.

The appointment as Chairman (Non-executive Chairman) of Credit Suisse follows the announcement made in June, by Lloyds Banking Group, where, as CEO, he put the bank, which was partially nationalized as a result of being a victim of the subprime crisis , returning to the private sphere.

With the transition assured, Horta Osório heads to the bank based in Zurich in May next year.

After 28 years of executive duties as CEO, first at Santander and later at Lloyds, Horta Osório will, as of May, become Chairman of Credit Suisse where he will have non-executive functions, in full time.

As of May 1, and after being elected at the bank's General Meeting on April 30, 2021, he assumed the leadership of the Credit Suisse Board of Directors, being the first non-Swiss to hold that position. Credit Suisse is present in more than 50 countries worldwide, including Portugal.

Credit Suisse's Board of Directors is responsible for the general direction, supervision and control of Credit Suisse Group AG.

The members of the Board and its Chairman are subject to individual election by the General Assembly and are appointed in each case for a term of one year. “Re-election is possible and desired to foster the development of specific knowledge of the business and allow the Board of Directors to adequately challenge management,” says the statement from the Portuguese banker who led Banco Santander Portugal in Portugal when the Spanish Bank bought the then Bank Totta & Açores and the Crédito Predial Português to António Champalimaud.

As a Swiss bank you don't have to go through the European Central Bank's lengthy Fit & Proper processes.

Lloyds' effective departure comes after completing the third strategic plan designed for the largest British retail bank for the period 2018-2020, whose announcement of the results to the market will coincide with the completion of a period of 10 years at the head of the bank.

Horta Osório took over the helm of Lloyds in March 2011, at the invitation of the English Government and Finance Minister George Osborne, to lead the Bank's turnaround following the acquisition by Lloyds of HBOS, which led to the State's entry into the capital of Bank with 39% of the capital. In 2017, he returned to the private sphere, with a profit for the British State.

Lloyds is now the largest digital bank in the UK with over 16 million digital customers and the only one with an integrated platform of financial products including banking and insurance products, and has the largest shareholder base in the country with over 2,4, XNUMX million shareholders.

Over the next 5 months, António Horta Osório will conclude at Lloyds the implementation of the strategic plan presented in 2018, “continue to lead the bank's response to the enormous challenges posed by the economic consequences of the pandemic and ensure the transition from leadership to its successor in a quiet and organized way, ”he says in a statement.

Responsible for the general direction, supervision and control of Credit Suisse, the body that will be led by Horta Osório regularly assesses the Group's competitive position and approves its strategic and financial plans.

In terms of Risk Management, the Board of Directors reviews and evaluates, in particular, the adequacy of strategy risk management.

The Board receives, at regular meetings, a status report on the Group's financial results, in addition to management information packages, which provide details on the Group's financial performance and situation, as well as risk reports.

The Board is also responsible for appointing or firing the CEO and the members of the Executive Board, reviews and approves significant changes in the Group's structure and organization and is actively involved in strategically important acquisitions and divestitures, strategically relevant investment plans and projects.

In a statement, António Horta Osório, said he was “very pleased to be proposed as Chairman of the Board of Directors of the Credit Suisse Group” and “and very motivated to continue to develop the group's many strengths, in close collaboration with the Board of Directors. Administration and the management team. This is a time of great opportunities for the Credit Suisse Group, for its employees, customers and shareholders ”.

Urs Rohner, current Chairman of the Credit Suisse Group, says he is “extremely pleased that we can propose a highly recognized and proven professional in international banking as my successor”.

“I am convinced that, subject to election at the next Annual General Meeting, and thanks to his impressive track record, António Horta-Osório will make an enormous contribution to the future success of our bank as a global leader in wealth management with strong capabilities investment banking ”, concludes Urs Rohner, current Chairman of Credit Suisse, regarding this announcement.

 

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