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Mr. Horta-Osório, Executive Director of Santander UK will join Lloyd's in January and succeed Eric Daniels in March.

Portuguese banker told a meeting with George Osborne, the last week of his 8 ￡.3 M potential package remuneration will depend on him stimulate lending.

News of his appointment sent shares of Lloyd to 1.81 to 69.2 percent raise the market value of the Bank by. 23bn ￡ 1 to 47 ￡ billion.

Lloyd's action must strike 114 p before Mr. Horta-Osório ￡ 4. 3 m share incentive plan is triggered.

The Chancellor is satisfied with the level because if it reaches the taxpayer displays a paper profit of ￡ structured 43pc its participation in the Bank.

Go to Lloyds comes as something of a culture shock to Mr. Horta-Osório, especially taking into account the issue of the contribuable.Il will be remunerated, taking home as much as ￡ 8.33 m per annum of salary, bonus, incentive and retirement - plans if he hits all its "stretching performance targets.

It will also be compensated the loss of non-quantified cash deferred, actions and retirement benefits will be waive to resign from Santander.

Its package is "much" less than his potential maximum pay to Santander, where he took home ￡ 3 Lloyds.4 m salary and bonus last year, but will always be zero taxpayer opprobrium.

In its first two months at Lloyd's, he will lead a "top down review" of the Bank to introduce a three-year plan to the Board of Directors.

He said that the review will be 'zero budget', which means that it cannot include acquisitions or anything requiring the Lloyd's to spend more money which he is already considering.

that city welcomes the announcement of the appointment of Mr. Horta-Osório, described by some analysts as a "blow" to the Law Banque.Robert, Nomura, said that he was a "strong presenter" and would be popular with investors.

"Antonio has a track record solide.Lloyd ' is a big job, given its importance for the UK economy and the balance sheet restructuring and integration that they are currently undertaking."

Richard Buxton, head of Schroders actions: "we believe that it is a good nomination.Nous hope the management will continue to get the Bank until the return on investment we believe it is."

Santander said that ana Patricia Botín, daughter of the President of the Bank Emilio Botín, replacing Mr. Horta-Osório head of Santander UK.Mme Botín is currently responsible for the Spanish lender Banesto, but will go to United Kingdom next week to begin the formal transfer.

Mr. Osborne, which faces pressure from twins to improve lines of credit businesses and reduce the premiums of the city, has been unable to set a specific loan target Mr. Horta-the contrat.Cependant Osório, he obtained an agreement set a cible.Dans the next few weeks, the Lloyds Board will establish "stretch" ready objectives that will be taken to shareholders, including the Treasury Board for approval.

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