Lloyds Says CEO Didn’t Break Expense Rules During Singapore Trip
- The Sun raised questions about Horta-Osorio’s expenses
- Chairman Blackwell said to order probe after newspaper report
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Lloyds Banking Group Plc said Chief Executive Officer Antonio Horta-Osorio did not break its expenses policy while on a business trip after a British newspaper raised questions about whether the bank covered personal costs.
The CEO of Britain’s largest mortgage lender paid his own personal expenses while he was in Singapore for the International Monetary Conference two months ago, the London-based bank said in a statement Wednesday. Chairman Norman Blackwell ordered a probe Tuesday into Horta-Osorio’s spending on the trip after the Sun newspaper’s report, according to a person with knowledge of the matter.