Banking industry veteran Robin Budenberg will step up as the bank’s new chairman after Horta-Osório’s departure.

Lloyds said that until his departure, Mr Horta-Osório will remain focused on delivering the bank’s current strategic plan, and steer the bank through some of the international effects of the coronavirus crisis.

António Horta-Osório said he had “mixed emotions” over the decision.

He said: “I am lucky to have had the support of a superb Board and executive team on whom I will continue to rely as we complete our current strategic plan, transforming the Group into the bank of the future.

“Everyone at Lloyds has unified around our purpose of Helping Britain Prosper and our customers and communities are seeing our commitment to that now, more than ever. I have been honoured to play my part in the transformation of large parts of our business. I know that when I leave the group next year, it has the strategic, operational and management strength to build further on its leading market position.”

Robin Budenberg added: “Lloyds will play a vital role as Britain recovers from the current crisis. It is a great honour and challenge to take on the role of Chair at this time and I hope to continue Norman and António’s work, initially alongside António, in pursuing Lloyds’ core purpose of helping Britain prosper and in building the culture of the bank in order to support that purpose.”