HSBC global chief executive Charlie Nunn will replace António Horta-Osório as group chief executive of Lloyds Banking Group
The hire comes after Horta-Osório confirmed he would step down after 10 years at the helm of the group, which includes Scottish Widows and Halifax Bank among a raft of other insurance, investment, and commercial banking subsidiaries across the UK.
The date at which Nunn will take over the role will be subject to an agreement with HSBC, which stipulates a six-month notice period and a further six-month post-termination restrictions period.
Lloyds has confirmed its group chief financial officer William Chalmers will take on the position in an interim capacity should Horta-Osório step down before Nunn can begin.
Nunn has held a range of roles during his time with HSBC including as chief operating officer of retail banking and wealth management, chief executive of retail banking and wealth management, and group head of wealth management and digital. He began his career at Accenture where he worked for 13 years across the US, France, Switzerland, and the UK.
Nunn said: "I feel particularly lucky to be joining Lloyds Banking Group at this important time. Lloyds' history, exceptional people and leading position in the UK means it is uniquely placed to define the future of exceptional customer service in UK financial services. I look forward to building on the work of António and the team and their commitment to helping Britain prosper."