Former Lloyds boss breaks Covid rules in Switzerland Business

The former Lloyds Bank boss admitted to breaking Covid rules after returning to Switzerland from the UK last week.

Antonio Horta-Osorio, who is now chairman of Credit Suisse, visited Switzerland on November 28 where he had to quarantine himself for 10 days.

However, he flew to the Iberian Peninsula on a private jet three days later on December 1.

Mr. Horta-Osorio had been informed by the Swiss authorities that there would be no special exemptions and that he would have to remain in isolation for the entire period.

The bank veteran said: “I unintentionally broke Swiss quarantine rules by leaving the country prematurely on December 1. I sincerely regret this mistake. I apologize and will make sure this does not happen again.”

Credit Suisse said it “reluctantly admitted” the breach, adding that adherence to the guidelines was a top priority.

Mr. Horta-Osorio moved from Portugal to the UK in 2006 to lead the UK branch of Santander, and was subsequently appointed Managing Director of Lloyds in early 2011.

He left the lender bailed out on private property and profitability, but was criticized for carrying out an extramarital affair while on a business trip.

FTSE bank emerged from the 2008 financial crisis thanks to a bailout deal with the government.

Taxpayers had bought a 43% stake in exchange for more than £ 20 billion, but the state managed to resell all of its shares in the market by 2017.

Former Bank of England Governor Lord Mervyn King said Horta-Osorio had turned Lloyds “from a liability for the taxpayer into an asset for the country”.