Lloyds Banking Group PLC Chief Executive Antó nio Horta-Osó rio Wednesday apologized to the British bank's staff following allegations that he had an affair while on a business trip.

The executive at the partly nationalized lender pledged to remain at the bank and push through the next stage of its strategy.

Earlier this summer the Sun newspaper published photographs of Mr. Horta-Osó rio, who is married with three children, with another woman during a work trip to Singapore.

"I deeply regret being the cause of so much adverse publicity and the damage that has been done to the Group's reputation," Mr. Horta-Osó rio said in a note to staff on Wednesday. Mr. Horta-Osó rio also said that he paid for any personal expenses incurred on the trip.

The 52-year-old is one of the few British-based bankers to ride out the aftermath of the financial crisis unscathed. Since joining Lloyds five years ago the Portuguese national buffed his reputation by reshaping the bailed-out retail bank, helping the U.K. government cut its stake from around 40% to 9%.

During his tenure at Lloyds Mr. Horta-Osó rio stressed the importance of simplifying and of rooting out bad behavior in banking. He regularly told investors and the media that "boring is good." Following the allegations by the Sun that he had a long-term affair, he reiterated the importance of maintaining high professional standards. "I will continue to strive to meet those standards," he said on Wednesday.

Following the Brexit vote, Lloyds's shares have plunged, delaying any prospect that the bank would be fully privatized soon. Headhunters say that the chief executive may soon cast around for a new job, having done most of the heavy lifting at Lloyds. On Wednesday Mr. Horta-Osó rio said he was "committed as ever to leading the Group forward."

Write to Max Colchester at max.colchester@wsj.com

 

(END) Dow Jones Newswires

August 24, 2016 08:15 ET (12:15 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.
Lloyds Banking (NYSE:LYG)
Historical Stock Chart
From Feb 2024 to Mar 2024 Click Here for more Lloyds Banking Charts.
Lloyds Banking (NYSE:LYG)
Historical Stock Chart
From Mar 2023 to Mar 2024 Click Here for more Lloyds Banking Charts.