StockMarketWire.com - Banking group Lloyds said it had appointed a senior executive at rival HSBC, Charlie Nunn, as its new chief executive.

Nunn was currently CEO of wealth and personal banking at HSBC.

Lloyds had announced in July that current chief Antonio Horta-Osorio would stand down in 2021.

On Monday, it said the Nunn's joining date would be subject to agreement with his current employer, where his contract contained a six-month notice period and up to six months' post termination restrictions.

Should Horta-Osorio stand down before Nunn's appointment, it was envisaged that current chief financial officer William Chalmers would also become interim CEO.

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