The millionaire Portuguese banker’s dalliance with a former adviser to Tony Blair during a business trip to Singapore has not gone down well in some parts of the City of London with one analyst saying Horta Osório's contract as CEO of Lloyd Bank "should be terminated."
Revelations in The Sun that Horta Osório, married with four children, enjoyed ‘leisure time’ in Singapore with Wendy Piatt has caused huffs of indignation in the corridors of power and in City clubs as the Portuguese banker had prided himself on his wholesome family image.
The Chairman of Lloyds Bank has stepped in to explain that the £4,000 bill run up by Horta Osório and Ms Piatt when staying at the five star Mandarin Oriental hotel was not charged to Lloyds Banks but was settled by the bank’s CEO in a personal capacity.
A memo from management to staff read, “Following the Sun’s story, the group undertook a review to ensure there was compliance with the group’s expenses policy. In this regard, the review found there were no breaches of the group’s policy and there was no case to answer,” adding that the matter is a personal one for Horta Osório
This does not excuse Horta Osório’s behaviour which may be a ‘private matter’ as the bank is trying to pitch it, but also involves the bank’s hierarchy in a degree of complicity in Horta Osório’s extra-marital affair.
Horta Osório, 52, has cultivated an image of a banker above suspicion and family man.
When he was appointed chief executive of Lloyds Bank in 2011, Horta Osório said he was determined to "lead by example" and that he had accepted the job because his wife, Anna, had advised him to do so.
