Whiter-than-white family man, Lloyds Bank boss António Horta Osório has been enjoying the company of ‘an old friend,’ ex-Blair adviser Dr Wendy Piatt in a luxury Singapore hotel.
The multi-millionaire Portuguese banker has prided himself on his family image and insisted that all Lloyds staff adopt a code of family based ethics.
Horta Osório has been married for 25 years and has three grown up children yet racked up £4,000 in hotel bills and expenses while entertaining Dr Piatt at a luxury hotel after jetting to the Far East on Lloyds company business to attend a global banking conference.
The chief executive of Lloyds, to which former Novo Banco chief Stock da Cunha returned earlier this month, earned £11.5million in 2014 (£8 million in 2015) and has had a glittering career with some of Europe's top financial businesses.
When he took over at the bailed out Lloyds in 2011, Horta Osório said he would lead by example and introduced a 2013, 13 page, ‘Code of Responsibility’ for all Lloyds employees, which told staff to look at themselves and ask:
“Have I understood the risks and implications of what I am doing?”
“Would Lloyds Banking Group be comfortable if my actions were reported externally?”
One of the reasons he was chosen to lead Lloyds was his ‘family man’ image.
The 52-year-old banker’s stay at the five-star Mandarin Oriental included giving access to his room to Dr Piatt, two visits to the hotel spa (£550) and room and mini-bar charges which all came to £3,276.
It is not yet known if the tab was picked up by the banker in a personal capacity or by Lloyds Bank itself but with staff confirming that the single Dr Piatt entered and left António Horta Osório room on several occasions using her own pass key, the banker’s wholesome image has just been thrown out of the window.
António Horta Osório and Dr Piatt are said to have spent time together in his suite, on day trips and eating out at top restaurants during the June business visit.
Dr Piatt worked as Head of Public Service Reform during Tony Blair's time in office and since 2007 has been director of the Russell Group which represents UK research universities. She was in Singapore in a business capacity and there are no allegations that she has abused her expense account.
António Horta Osório was born in Lisbon and worked in Portugal before moving to Spanish bank Santander and Abbey National where he became Chief Executive. He was appointed by Lloyds in 2011 along with a £4.6million joining fee.
Whether António Horta Osório can ride out this storm will depend on his response to insinuations of adultery and allegations of folly that swept through the media late on Tuesday August 9th.
