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The chief executive of Lloyds Banking Group is stepping down next year after a decade in the job.

Antonio Horta-Osorio will retire from Lloyds in June 2021, giving him enough time to help steer the bank through some of the international effects of the coronavirus pandemic.

The bank has also appointed a new chairman, Robin Budenberg, who will take over from Lord Blackwell next year, so Mr Horta-Osorio is timing his departure to "support a smooth transition", the bank said.

"Until then he will continue to be completely focused with the executive team on delivering the remainder of the current strategic plan, as well as the plans put in place to address the COVID-19 pandemic effects and support our customers during these difficult times," the bank added.

Mr Horta-Osorio said he had "mixed emotions" about his departure from the role.

"I am lucky to have had the support of a superb board and executive team on whom I will continue to rely as we complete our current strategic plan, transforming the group into the bank of the future.

"Everyone at Lloyds has unified around our purpose of helping Britain prosper and our customers and communities are seeing our commitment to that now, more than ever.

"I have been honoured to play my part in the transformation of large parts of our business. I know that when I leave the group next year, it has the strategic, operational and management strength to build further on its leading market position."

In February the banking group posted a 26% drop in pre-tax profits to £4.39bn for 2019.

At the time, Mr Horta-Osorio's pay was also cut by 28% to £4.73m and his pension was to drop to 15% of basic salary, down from 33%, as part of efforts to narrow the gap between executive pay and the wider workforce.

Mr Horta-Osorio had insisted the bank's results for 2019 were "resilient", with underlying profits down by 7% to £7.5bn.