The board of directors at Credit Suisse has elected Antonio Horta-Osorio has its new chairman of the board.

Horta-Osorio will succeed Urs Rohner, who will step down in 2021 as he reached the statutory term of 12 years. He will start the job in May 2021.

He is currently the group chief executive of Lloyds Banking Group. Horta-Osorio has previously held roles at Banco Santander and Santander UK/Abbey National. He gained his current role in 2011. In addition, he served on the court of directors of the Bank of England from 2009 to 2011.

Lloyds hired HSBC banker Charlie Nunn to replace Antonio Horta-Osorio at the end of November and to take to the role within the next year. Nunn was recently appointed global head of personal banking and wealth management at HSBC.

Urs Rohner, chairman of the board of directors of Credit Suisse Group, said: “I am extremely happy that we can propose a highly proven and recognized professional of the international banking business as my successor. I am convinced that, subject to the election at the next Annual General Meeting, and thanks to his impressive record of accomplishments, António Horta-Osório will make a major contribution to the future success of our bank as a leading wealth manager with strong global investment banking capabilities.”

António Horta-Osório added: “I am delighted to be proposed as Chairman of the Board of Directors of Credit Suisse Group. I look forward to working closely with the Board and management team to build on the Group’s many strengths. This is a time of great opportunity for the Group, its people, clients and shareholders.”

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This comes at a tough time for the Swiss bank. Credit Suisse has reportedly been carrying out physical surveillance of more employees than formerly revealed.

According to a report by the Wall Street Journal, two prior instances of surveillance were found by law firm Homburger.

These instances were said to have taken place before the spying scandal that erupted last year, and involved the surveillance of its former wealth management head Iqbal Khan in the wake of his defection to rival UBS.

In October 2017, Credit Suisse had an employee in New York tailed outside work after it suspected the employee of misusing confidential data, stated the report citing people familiar with the matter.

The Swiss bank was reportedly worried that the data may have been used in a hedge fund’s proposal to Credit Suisse to break up its business.