António Horta-Osório (banker)

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António Horta-Osório
António Mota de Sousa Horta-Osório

(1964-01-28) 28 January 1964 (age 55)
Lisbon, Portugal
Alma materCatholic University of Portugal
Years active1987–present
SalaryUS$10.3 million (2016)[1]
TitleCEO, Lloyds Banking Group
PredecessorEric Daniels
Spouse(s)Ana Horta-Osório
Parent(s)António Lino de Sousa Horta-Osório

António Mota de Sousa Horta-Osório (born 28 January 1964) is a Portuguese banker, who is the group chief executive (CEO) of Lloyds Banking Group.

Early life[edit]

António Mota de Sousa Horta-Osório was born in January 1964,[2] in Lisbon, the eldest son of António Lino de Sousa Horta Osório, a lawyer and table tennis champion, and grandson of the late António de Sousa Horta Sarmento Osório, a lawyer, economist and politician.


Horta-Osório graduated in Management and Business Administration from the Catholic University of Portugal, Lisbon, in 1987. He received his MBA at INSEAD, in 1991, where he was awarded the Henry Ford II prize for the best student in that year.[3] He attended a six-week Advanced Management Program (AMP) at Harvard Business School in 2003.


Horta-Osório joined Citibank in Portugal, where he became vice president and head of Capital Markets until 1990. During this period, he also taught at the Catholic University of Portugal, where he was an assistant professor, and a guest professor from 1992–1996. He was also a guest professor in the Superior Course of Banking Management at the Portuguese Bank Training Institute (IFB), from 1988 to 1994.

He joined Goldman Sachs in their corporate finance division, in New York City and London, from 1991 to 1993. In 1993, he was invited by Emilio Botín to join the Santander Group and set up Banco Santander de Negócios in Portugal (BSNP), of which he became CEO. From 1995 to 2003, he was president of the Association of Alumni of INSEAD in Portugal. In 1998 he became a member of the INSEAD Portuguese Council, and from 2003 to 2007 he was the chairman.

Horta-Osório moved to Brazil and became CEO of Banco Santander Brazil (1997–1999) and chairman of the Santander Group in Brazil (1997–2000). From December 1997, he also became the chairman of Banco Santander Portugal. With the 1999–2000 agreement between António Champalimaud, the Santander Group and the Caixa Geral de Depósitos, the Santander Group became the owner of Banco Totta & Açores and Crédito Predial Português, adding these to Banco Santander de Negócios and Banco Santander Portugal. Following this, the Group changed its name to Banco Santander Totta.

In 2000, he became chairman of Banco Santander Totta in Portugal. He also became vice president of Banco Santander in Spain and a member of its management committee. He joined Abbey National as a non-executive director in November 2004. In August 2006, he moved to the UK, and became CEO of Abbey and its successor Santander UK. In 2006, he became chairman of Santander Totta in Portugal. In 2008, he led the integration into the Santander Group of the British building societies Bradford & Bingley and Alliance & Leicester.[4][5]

Horta-Osório was appointed as a non-executive director to the Court of the Bank of England in June 2009, relinquishing this position in February 2011, as he was appointed CEO of Lloyds Banking Group on 1 March 2011. Horta-Osorio is currently a non-executive director of EXOR N.V., Fundação Champalimaud and Sociedade Francisco Manual dos Santos in Portugal, a member of the Board of Stichting INPAR and Chairman of the Wallace Collection, one of the galleries and museums sponsored by the Department for Digital, Culture, Media and Sport (DCMS)[6][7].


In January 2011 he joined Lloyds Banking Group as an executive director, becoming CEO on 1 March 2011.[8]

In November 2011, he went on temporary leave due to exhaustion,[9] which the Evening Standard called the most high-profile sick leave in the City.[10] The following month, he announced that he was ready to return to work.[11] In January 2012, he cited the impact that his leave of absence had on the company as the reason that he did not wish to receive a bonus for 2011, and said "As chief executive, I believe my bonus entitlement should reflect the performance of the group".[12]

Under his leadership, the bank's financial performance was turned around, returned to profitability, and it slimmed down to focus on domestic lending and to meet tougher regulatory requirements on the amount of capital it holds.[13] Lloyds started down the road to full private ownership, with the Government reducing its stake in September 2013 and March 2014 respectively.[14] In 2014, Horta-Osório saw his pay increase more than 50 percent to 11.5 million pounds as Lloyds returned to profit.[15] Lloyds completed its return to private ownership in May 2017 with c. £900m above the original stake being repaid to the government.[16]

In the aftermath of the Brexit referendum, Horta-Osório sought to allay fears the bank would shift operations abroad as other UK banks had announced. He told Forbes, “We have no plans to move jobs to Luxembourg, or anywhere else in Europe, as a result of the UK’s decision to leave the European Union…But the nature of our business, and our UK focus, means the direct impact on our business is less compared to our peers.”[17]

In 2017, Lloyds’ statutory profit increased by 24% to £5.3bn in the year and it paid out the largest dividend in its history (£2.3bn) including a share buyback of £1bn. It also completed the acquisition of MBNA (1 June) and announced the acquisition of Zurich's UK workplace pensions and savings business (12 October).[18]

Honours and awards[edit]

Horta-Osório was made a Commander of the Spanish Order of Civil Merit in August 1998. In October 1998, Brazil awarded him the Order of the Southern Cross.[19]

In June 2009, he was awarded the Spanish title of Encomienda de Numero of Orden de Isabel la Catolica (Commander by Number of Order of Isabella the Catholic).[20]

He was awarded honorary doctorates by the University of Edinburgh in June 2011, the University of Bath in July 2012[21] and the University of Warwick in 2015[22]. Portugal awarded him the Order of Merit Grã-Cruz in June 2014, its highest order of civil merit.[23]

Horta-Osório won Euromoney's award for best banker in 2013.[24] Horta Osório became chairman of the Wallace Collection in 2015, a prime ministerial appointment.[25]

Personal life[edit]

Horta-Osório and his wife Ana live in Chelsea, London, and they have three children.[26] He is a keen scuba diver[26] and enjoys playing tennis and chess.[27]

Horta-Osório supports the United Kingdom remaining in the European Union.[28]

In August 2016 Horta-Osório issued an apology in an email sent to the bank's 75,000 staff for reported transgressions in his personal life while travelling abroad. He clarified that there was no financial misdeed, as he paid all his expenses personally, and indicated that he did not intend to leave the group as a consequence. He wrote: "I deeply regret being the cause of so much adverse publicity and the damage that has been done to the group’s reputation."[29] His actions were reported to have been in breach of a code of personal responsibility for Lloyds staff that he had introduced himself, which included "We take any non-compliance with the codes very seriously".[30]

Horta-Osório has been public in describing how restoring Lloyds Bank's fortunes “almost shattered” his mental health and he has become a prominent campaigner for employers to support their employees with mental health challenges and so shrug off its stigma.[31]


  1. ^ Laura Noonan; David Blood (23 July 2017). "Here's what the CEOs of the world's biggest banks earn". The Financial Times. Retrieved 5 August 2017.
  2. ^ "Lloyds Banking Group plc". Companies House. Retrieved 29 August 2015.
  3. ^ "Archived copy". Archived from the original on 7 July 2011. Retrieved 8 November 2010.CS1 maint: archived copy as title (link)
  4. ^ "Corporate" (in Spanish). Retrieved 21 September 2013.
  5. ^ Robert Peston (3 November 2010). "BBC News - Lloyds appoints Santander UK boss as new chief". Retrieved 21 September 2013.
  6. ^ "Executive Directors - Lloyds Banking Group plc". Retrieved 2 August 2018.
  7. ^ "António Horta-Osório". World Economic Forum. Retrieved 2 August 2018.
  8. ^ Gill Montia (3 November 2010). "Lloyds to be headed by Santander's UK CEO". Archived from the original on 23 September 2013. Retrieved 21 September 2013.
  9. ^ Goff, Sharlene (15 December 2011). "Sleep gets Horta-Osório up ready for action". Retrieved 11 August 2016.
  10. ^ "The City's top feminist? Lloyds CEO Antonio Horta-Osório on his". Evening Standard. Retrieved 28 December 2017.
  11. ^ Robert Peston (8 December 2011). "BBC News - Lloyds boss Antonio Horta-Osorio 'ready to work again'". Retrieved 21 September 2013.
  12. ^ Jill Treanor (13 January 2012). "Lloyds boss Horta-Osório forgoes £2m bonus turning focus on banking peers | Business". London: The Guardian. Retrieved 21 September 2013.
  13. ^ "Lloyds strengthens dividend case with higher profit". Retrieved 11 August 2016.
  14. ^ Wilson, Harry. "Treasury to sell Lloyds shares worth £4bn, reducing stake to 25pc". Telegraph. Retrieved 11 August 2016.
  15. ^ Julia Verlaine; Ambereen Choudhury (27 February 2015). "Horta-Osorio's Compensation Jumps as Lloyds Returns to Profit". Retrieved 11 August 2016.
  16. ^ "The return of Lloyds Banking Group to private ownership" (PDF). National Audit Office. 20 June 2018.
  17. ^ Kuznetsov, Nikolai. "Lloyds Bank CEO António Horta Osório Weighs In On Brexit, Banking And The UK Economy". Forbes. Retrieved 29 August 2017.
  18. ^ "Lloyds Banking Group full year results 2017" (PDF).
  19. ^ "Archived copy" (PDF). Archived from the original (PDF) on 4 June 2010. Retrieved 2010-12-28.CS1 maint: archived copy as title (link)
  20. ^ "Up Magazine – TAP Portugal » António Horta-Osório – O special one da banca". (in Portuguese). Retrieved 2 August 2018.
  21. ^ (10 July 2012). "Welcome to our Honorary Graduates | University of Bath". Retrieved 2 August 2018.
  22. ^ "Warwick to honour Nobel Laureates, leading film director, journalist, both CBI & TUC heads, Indonesian author, travel guru and British Library Chief". Retrieved 2 August 2018.
  23. ^ "Página Oficial das Ordens Honoríficas Portuguesas". Retrieved 11 August 2016.
  24. ^ "Antonio Horta-Osorio recognized in the Global Euromoney Awards for Excellence 2013". Euromoney. Retrieved 2 August 2018.
  25. ^ "Wallace Collection Annual Report and Accounts 2014-2015" (PDF).
  26. ^ a b "The City's top feminist? Lloyds CEO Antonio Horta-Osório on his". 5 March 2014.
  27. ^ Burton, Lucy (19 June 2019). "Lloyds boss is a 'winner' who is worth every penny, bank tells MPs". The Telegraph. ISSN 0307-1235. Retrieved 19 June 2019.
  28. ^ Gordon, Sarah (23 February 2016). "The public wants to know where companies stand on Brexit". Financial Times. Retrieved 25 February 2016.
  29. ^ Sean Farrell (24 August 2016). "Lloyds chief apologises for damage caused by affair allegations". The Guardian. Retrieved 28 August 2016.
  30. ^ Catherine Bennett (28 August 2016). "Conflating public and private lives makes fools of us all". The Guardian. Retrieved 28 August 2016.
  31. ^ Carpenter, Louise (7 October 2017). "The CEO of Lloyds Bank turned its fortunes around – but the anxiety almost broke him". ISSN 0140-0460. Retrieved 2 August 2018.