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Bank says chief did not break expenses policy.

LLOYDS Banking Group has said that chief executive Antonio Horta-Osorio did not break company expenses policy during a trip to Singapore.

Mr Horta-Osorio appeared on the front page of The Sun on Tuesday, with the tabloid claiming the bank boss had spent almost PS4,000 while entertaining.

But the part state-owned bank said in a statement: "We do not comment on personal matters. On the issue of expenses, our policy is very clear: the group will meet any legitimate business expenses incurred by our staff.

"Personal expenses will be met by the individual. In practice the individual executive will pay all expenses incurred - personal and business - and then reclaim the business expenses from the bank.

"In this case there is no breach of our policy and the personal expenses are paid for by Antonio."

In July, Mr Horta-Osorio announced that Lloyds is cutting 3,000 jobs and shutting 200 branches as part of an efficiency drive. Statutory profits more than doubled in the first half of the year to PS2.5bn.

The bank added: "Lloyds has been returned to financial health over the last five years under the leadership of Antonio and is well-placed to continue supporting the UK economy and to help Britain prosper. Antonio remains committed to the Group's strategy and to the bank."


Antonio Horta-Osorio, the chief executive of Lloyds Banking Group

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Title Annotation:Business
Publication:Western Mail (Cardiff, Wales)
Date:Aug 11, 2016
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