Credit Suisse boss Antonio Horta-Osorio quits after breaking Covid quarantine rules

Mr Horta-Osorio was found to have attended Wimbledon finals in July in breach of the UK's quarantine rules. Credit: PA

The chairman of Credit Suisse has quit, just nine months into the role, after he was found to have broken Covid-19 rules by an internal investigation.

An earlier preliminary probe found Antonio Horta-Osorio had attended the Wimbledon tennis finals in July in breach of UK quarantine rules, Reuters said.

The former boss of Lloyds Banking Group also broke Covid rules on a visit to Switzerland in November by leaving the country during a 10-day quarantine period, the bank said in December.

Mr Horta-Osorio, who steered lending giant Lloyds back into private ownership after its 2008 financial crisis bailout, said in a statement issued by Credit Suisse his actions had led to “difficulties” for the Swiss bank.

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“I regret that a number of my personal actions have led to difficulties for the bank and compromised my ability to represent the bank internally and externally,” the Portuguese banker said.

“I therefore believe that my resignation is in the interest of the bank and its stakeholders at this crucial time,” he added.

He has been replaced as chairman by board member Axel Lehmann, the statement said.

Mr Horta-Osorio received a knighthood in the Queen’s Birthday Honours list in 2021 for his services to the financial sector, as well as his voluntary work for mental healthcare and culture.

He had headed up Santander’s UK arm before taking over at Lloyds in early 2011 the bank was on its knees after its £20.3 billion taxpayer bail out at the height of the financial crisis following an ill-fated rescue of rival HBOS.

The Lisbon-born 57-year-old, who has British citizenship, bowed out from Lloyds in April with a £2.1 billion first-quarter profits haul.