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António Horta-Osório, the chief executive of Lloyds Banking Group, was named banker of the year for his efforts to restore the UK bank to profitability over the past two years. His achievements include reducing non-core assets and rebuilding its UK banking business to the point where UK chancellor George Osborne recently announced he is ready to sell down the government’s 39% stake.
“Tough decisions taken at critical times have helped revive the fortunes of Lloyds Banking Group,” said Euromoney. “Now António Horta-Osório can concentrate on making the most of the UK’s biggest bank.”
Those tough decisions included repaying short-term loans from the UK government, accepting liability for PPI mis-selling and accelerating the sale of business lines and assets that did not fit the new Lloyds model, often at capital-accretive levels. The market has clearly recognized these achievements: Lloyds’s market capitalization has risen by 147% over the past 18 months, the highest of any major bank. Lloyds was also named best bank in the UK.
Collecting the award, Horta-Osório said: “I am honoured to have won this prestigious award. It is testimony to the hard work done by teams across the business to support our strategy of transforming the Group into a simple, UK customer-focused, low-risk retail and commercial bank that is delivering real benefits for customers, colleagues and shareholders.”
Awards for Excellence 2013: Acceptance speeches