Lloyds Banking Group chief executive António Horta-Osório will step down next year after a decade at the British lender during which he oversaw a massive overhaul and returned the bank to private ownership after a £20.3bn ($25.3bn) crisis-era bailout.

The Portuguese banker, who will step down next June, is credited with stabilising the UK’s third-biggest bank by assets in the wake of the 2008 crisis, during which the government became its largest shareholder.