StockMarketWire.com - Banking group Lloyds Banking said chief executive Antonio Horta-Osorio would stand down next year.

The lender also announced that former UBS banker Robin Budenberg would succeed Norman Blackwell as its chairman, in early 2021.

The bank said Horta-Osorio would stand down after delivering three strategic plans and completing 10 years in the role.

'This planned leadership succession will allow a new chief executive to work with the new chair in the next stage of the group's development and transformation,' Lloyds said.

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