Government Body Backs Horta-Osorio's Return As Lloyds Boss- Report
December 11 2011 - 7:56AM
Dow Jones News
U.K. Financial Investments, the body that manages the
government's stakes in British financial institutions, is backing
the return of Antonio Horta-Osorio as Chief Executive at Lloyds
Banking Group PLC (LLOY.LN), The Sunday Telegraph reports without
citing sources.
Horta-Osorio has been signed off by doctors for "extreme
fatigue" and has been absent since the end of October.
The paper said the government-funded body, which manages the
Treasury's 41% stake in Lloyds, has indicated to the bank's board
that it is happy for Horta-Osorio to return to his post but wants
changes, including sharing more of Chief Executive's
responsibilities across members of the executive team.
The Lloyds board will meet Thursday to make a decision about
Horta-Osorio's future and is also expected to make a decision who
it will sell 632 of its branches to.
The Sunday Telegraph said that final bids from two rivals are
expected to be handed in Monday and both are likely to be in the
region of GBP1.5 billion. Bids are expected from NBNK Investments
plc, a bank buyout vehicle, and Co-Operative Financial Service. A
stock market floatation also remains an option.
No one at Lloyds could immediately be reached for comment.
Newspaper Web site: http://www.telegraph.co.uk
-London Bureau, Dow Jones Newswires; +44 (0)20 7842 9320
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