Taxpayer-backed bank has also announced the launch of a Strategic Review of the bank’s Medium Term Plan.
According to the bank, the Strategic Review will cover all aspects of the business.
To support this commitment, the Group will place a moratorium on announcing further UK branch closures until the end of 2011 and pending the Strategic Review.
Horta-Osorio said the announcements mark the start of the next phase of Lloyds Banking Group’s development.
In November 2009, European authorities mandated Lloyds to sell at least 600 branches, 4.6% of the personal current (or checking) account market and 19% of its mortgage book in four years to limit competition distortions after taking a taxpayer bailout.
Lloyds has sold assets, among them its Bank of Scotland Integrated Finance investment unit, and cut more than 22,000 jobs since its rescue. The bank plans to shrink its balance sheet by $326bn by 2014.
Horta-Osorio is a Portuguese national and former head of Banco Santander’s British operations whi replaced Eric Daniels.
