Lloyds Banking Group

Antonio Horta-Osorio's speech at the Annual CBI Dinner Scotland

07 September 2012

Good evening everyone. Thank you so much for coming this evening.

I am delighted that Lloyds - through Bank of Scotland is once again supporting the CBI’s annual dinner in Scotland and it is an honour for me to address such a distinguished audience from the Scottish business community at Scotland’s premier business event.

Scotland is a major focus for Lloyds Banking Group. The country is home to some of our most important businesses and to nearly 20,000 of our employees.

Being from Portugal I have a strong affinity with Scotland. We too are a small, proud nation although I appreciate there are small differences in the weather.

Like me, I am sure, you are looking forward to hearing both the Chancellor and John Cridland speak this evening.

But given recent events, I wanted to say a few words about why the banking sector has found itself in such a state – and what I believe we must do if we are to win back the trust of our customers.

Let me start by saying that I am - at heart - a retail and commercial banker. Retail and commercial banks should be simple and they should be boring. You might surmise from that statement that I am simple and boring. I couldn’t possibly comment on that but, as long as I am Chief Executive of Lloyds, which is a retail and commercial bank, we will strive to continue being simple and boring.

For me that means dependable, prudent, safe and trustworthy. I think these are qualities that the great Scottish bankers of the past would applaud.

Retail and commercial banking is about supporting the UK economy, ensuring payments, taking care of people’s deposits, and transferring those deposits in a prudent way into lending for businesses and for people buying their homes. Day in day out, customer by customer, in the communities we serve, we try to do the right thing.

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