Santander chief takes on top job at Lloyds

Antnio Horta-Osrio replaces retiring chief executive Eric Daniels, who guided Lloyds through the Government-brokered acquisition of Halifax Bank of Scotland, from March 1.

"Antnio Horta-Osrio stood out in an excellent shortlist of potential candidates for this position," said Lloyds chairman Win Bischoff.

At Santander he merged Abbey and took advantage of the financial crisis to buy Alliance & Leicester, Bradford & Bingley's branches and savings arm, plus most recently, 318 branches from Royal Bank of Scotland.

"We are delighted to have attracted someone with his experience in, and understanding of, the UK retail and commercial banking industry, as well as his track record in integrating three well-respected UK retail banking franchises," added Sir Win.

Mr Horta-Osrio, who has headed the Spanish bank's UK arm since 2006, said he was conscious of the "vitally important" role the part-nationalised lenders plays in the UK's "social and economic fabric".

He added: "Lloyds is a key player in the UK economy and is instrumental in supporting the future growth and prosperity of the country.

"I am personally committed to ensuring the bank plays its part in lending to small to medium-sized enterprises and supporting homeowners."

Mr Daniels said he admired the work Mr Horta-Osrio has done with Santander and is leaving the bank in good hands.

Analysts welcomed the appointment as a good fit.

Ana Patricia Botin, daughter of Santander's billionaire chairman Emilio Botin, becomes Santander's new UK chief executive.