Lloyds Banking Group has said Antonio Horta-Osório did not breach its expenses policy on a recent business trip, after questions were raised over whether the state-backed lender covered his personal spending.

The bank, which is 9 per cent owned by the government, said on Wednesday that its chief executive paid for his personal expenses while he was in Singapore for the International Monetary Conference in June, writes Emma Dunkley.

Norman Blackwell, the bank’s chairman, ordered a review on Tuesday into Mr Horta-Osório’s expenditure during the trip after newspaper reports on the issue, according to a banker briefed on the matter.

The bank said:

In this case there is no breach of our policy and the personal expenses are paid for by Antonio.

Antonio remains committed to the group’s strategy and to the bank.

Lloyds said the bank meets “legitimate business expenses incurred by staff” and that personal expenses are paid for by individuals.

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