on the amount of capital it holds. Lloyds started down the road to full private ownership, with the Government reducing its stake in September 2013 and March 2014 respectively. In 2014, Horta-Osório saw his pay increase more than 50 percent to £11.5m as Lloyds returned to profit. Lloyds completed its return to private ownership in May 2017 with c.£900m above the original stake being repaid to the government. In the aftermath of the Brexit referendum, Horta-Osório sought to allay fears the bank would shift operations abroad as other UK banks had announced. He told Forbes, "We have no plans to move jobs to Luxembourg, or anywhere else in Europe, as a result of the UK’s decision to leave the European Union…But the nature of our business, and our UK focus, means the direct impact on our business is less compared to our peers". In 2017, Lloyds' statutory profit increased by 24% to £5.3bn in the year and it paid out the largest dividend in its history (£2.3bn) including a share buyback of £1bn. It also completed the acquisition of MBNA (1 June) and announced the acquisition of Zurich's UK workplace pensions and savings business (12 October). In July 2020 Horta-Osório announced that he would stand down as chief executive of Lloyds Banking Group by summer 2021. Charlie Nunn, formerly of HSBC, was named as his successor. Horta-Osório left at the end of April 2021. Credit Suisse In December 2020, Credit Suisse announced that, from April 2021, Horta-Osório would succeed Urs Rohner as its chairman. Rohner described himself as "extremely happy" with the appointment. Horta-Osório is the first non-Swiss chairman in the bank's history. It was reported that he would move to Switzerland to take up the role, which he began by purchasing Credit Suisse stock worth $1.2 million as a sign of confidence in the group. He resigned in January 2022 after an internal investigation into his breach of Covid rules in the UK and Switzerland, and was succeeded by Axel Lehmann. Other activities Institute of International Finance (IFF), Member of the Board Honours and awards Horta-Osório was made a Commander of the Spanish Order of Civil Merit in August 1998. In October 1998, Brazil awarded him the Order of the Southern Cross. In June 2009, he was awarded the Spanish title of Encomienda de Numero of Orden de Isabel la Catolica (Commander by Number of Order of Isabella the