The chief executive of Lloyds Banking Group will step down next year after a decade in charge.

António Horta-Osório will leave the role by the end of June 2021, as reported by the BBC. The bank said that 12 months to appoint a new chief executive will allow a smooth transition.

Lloyds, which has a headquarters in Barnwood, has also appointed Robin Budenberg as chairman, replacing Lord Blackwell who will leave this year.

Until his departure, Mr Horta-Osório will remain focused on delivering the bank's current strategic plan, and steering it through the effects of the coronavirus crisis.

Since he joined Lloyds as chief executive in 2011, António Horta-Osório has overseen three strategic plans as the bank emerged from the global financial crisis and repaid its £21bn bailout to the UK government, returning fully to private hands in 2017.

His lucrative bonus scheme has come in for strong criticism a a time when Lloyds was cutting jobs and branches.