Credit Suisse has chosen outgoing Lloyds Banking Group chief executive António Horta-Osório as its new chairman, replacing Urs Rohner who is set to step down next year after 12 years at the Swiss bank.

The bank said in a 1 December statement that Horta-Osório, whose replacement as CEO of Lloyds, Charlie Nunn, was named only yesterday, is up for election as its new chairman—marking a frantic 24 hours in executive changes at some of Europe's largest banks.