RTTNews | Dec 1, 2020 03:16AM EST

03:16 Tuesday, December 1, 2020 (RTTNews.com) - Credit Suisse Group AG (CS) said that its board has proposed to the shareholders to elect Lloyds Banking's Chief Executive Antnio Horta-Osrio as the new Chairman of the Board of Directors at the next Annual General Meeting on April 30, 2021.

Credit Suisse noted that Horta-Osrio will succeed Urs Rohner who will step down in 2021 as previously announced upon reaching the statutory term of 12 years.

Antnio Horta-Osrio, 56 years of age, currently is the Group Chief Executive of Lloyds Banking Group. He started his career in banking in 1987 at Citigroup in Portugal where he became Head of Capital Markets. From 1991 to 1993, he worked in corporate finance at Goldman Sachs in New York and London.

In February, Credit Suisse's chief executive officer Tidjane Thiam resigned in the wake of a spying scandal at the Swiss bank. He was succeeded by Thomas Gottstein, who led the bank's Swiss unit.

In December 2019, Credit Suisse confirmed that a second top employee was placed under surveillance earlier last year.

Peter Goerke, who was a member of the Executive Board at the time, was placed under observation by a third-party firm on behalf of the bank for a period of several days in February 2019.

An investigation by the bank enlisted Swiss law firm then concluded that Pierre-Olivier Boue, a former member of the Executive Board, issued the mandate to have Peter Goerke put under observation. As was the case with former wealth management head Iqbal Khan, the observation was carried out via an intermediary. Khan had subsequently moved on to UBS.

The bank had terminated the employment agreement with Pierre-Olivier Boue.

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