StockMarketWire.com - High-street lender Lloyds Banking said outgoing chief executive Antonio Horta-Osorio had agreed to become chairman of Credit Suisse from May next year.

Horta-Osorio would step down as CEO of Lloyds on 30 April.

The company said on Monday that he would be replaced by senior HSBC executive Charlie Nunn, with chief financial officer William Chalmers potentially filling in on an interim basis until Nunn took the reins.

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