Michael Cohrs, a former Deutsche Bank executive, will join a team of luminaries on the Bank of England board, following his appointment as a non-executive director by Chancellor George Osborne today.

Cohrs will be replacing António Horta-Osório, chief executive officer of Lloyds Banking Group, to complete the remainder of the Spanish banker's term, which is due to end on May 31 2012. A Treasury spokesman said Horta-Osório stepped down from the board to devote his time to his new role at Lloyds which he started in January.