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Lloyds Banking Group (LLOY)

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Wednesday 02 November, 2011

Lloyds Banking Group

Management Update

RNS Number : 3312R
Lloyds Banking Group PLC
02 November 2011








                                                                                                                                    2 November 2011


The Board of Lloyds Banking Group announces that following medical advice António Horta-Osório is taking a temporary leave of absence from his duties as Group Chief Executive of the bank due to illness.  António is expected to return to his position before the end of the year.


The Board is meeting later this morning to agree interim arrangements which will be announced in due course. 


- END -






For further information:


Investor Relations

Kate O'Neill                                                                            +44 (0) 20 7356 3520

Managing Director, Investor Relations

Email: kate.o'


Corporate Affairs

Ed Petter                                                                               +44 (0) 20 8936 5655

Director of Group Media Relations





This announcement contains forward looking statements with respect to the business, strategy and plans of the Lloyds Banking Group, its current goals and expectations relating to its future financial condition and performance.  Statements that are not historical facts, including statements about the Group or the Group's management's beliefs and expectations, are forward looking statements.  By their nature, forward looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future.  The Group's actual future business, strategy, plans and/or results may differ materially from those expressed or implied in these forward looking statements as a result of a variety of risks, uncertainties and other factors, including, without limitation, UK domestic and global economic and business conditions; the ability to derive cost savings and other benefits, as well as the ability to integrate successfully the acquisition of HBOS; the ability to access sufficient funding to meet the Group's liquidity needs; changes to the Group's credit ratings; risks concerning borrower or counterparty credit quality; instability in the global financial markets; changing demographic and market related trends; changes in customer preferences; changes to regulation, accounting standards or taxation, including changes to regulatory capital or liquidity requirements; the policies and actions of Governmental or regulatory authorities in the UK, the European Union, or jurisdictions outside the UK, including other European countries and the US; the ability to attract and retain senior management and other employees; requirements or limitations imposed on the Group as a result of HM Treasury's investment in the Group; the ability to complete satisfactorily the disposal of certain assets as part of the Group's EU State Aid obligations; the extent of any future impairment charges or write-downs caused by depressed asset valuations; exposure to regulatory scrutiny, legal proceedings or complaints, actions of competitors and other factors. Please refer to the latest Annual Report on Form 20-F filed with the US Securities and Exchange Commission for a discussion of such factors together with examples of forward looking statements.  The forward looking statements contained in this announcement are made as at the date of this announcement, and the Group undertakes no obligation to update any of its forward looking statements.



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