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Lloyds chief Horta-Osorio's hotel bill 'did not break company policy'

Published 10/08/2016

Antonio Horta-Osorio is the head of Lloyds Banking Group
Antonio Horta-Osorio is the head of Lloyds Banking Group

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 £4,000 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 £2.5 billion.

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."

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