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Credit Suisse chairman Antonio Horta-Osorio resigned on Monday after an internal investigation found he had breached multiple Swiss and UK Covid-19 quarantine rules, the bank announced, an abrupt departure just nine months, after joining the bank to help restore its image after a series of scandals.

Important facts

Horta-Osorio, the former head of Lloyds Banking Group, said his “personal actions” caused difficulties for Credit Suisse and “impaired” his ability to represent the bank.

Horta-Osorio said his resignation – effective immediately – was “in the interest of the bank and its stakeholders”.

His departure follows an internal board investigation into reports he broke several Covid-19 restrictions – and possibly committed criminal offenses – over the past year, including flying in and out of Switzerland and attending the Wimbledon tennis final , without complying with local quarantine regulations.

The bank has tapped Axel Lehmann, a former senior executive at Swiss rival UBS, to succeed Horta-Osorio as chairman after he joined the bank’s board in October.