The Lloyds Banking Group has named the boss of Santander's UK operations António Horta-Osório as its new CEO, replacing Eric Daniels.
Horta-Osório, who has been CEO of Santander UK since 2006, will take over the role of Lloyds group chief executive on 1 March 2011.
"He has led the successful expansion of the Santander Group in the UK through strong organic growth and the integration of the activities of Abbey, Alliance & Leicester and the Bradford & Bingley savings business," Lloyds says.
Daniels led Lloyds' takeover of HBOS in September 2008, which forced the banking giant to turn to the government for a £17bn bailout during the financial crisis. In September, Daniels indicated he would step down within 12 months after the bank returned to profit.
Shares in the Lloyds Banking Group are 1.7% higher to 68.53p in early trading.
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