UK-based Lloyds Banking Group has appointed Tim Tookey as interim group chief executive following the temporary departure of António Horta-Osório.

Tookey will stay as group chief financial officer alongside the new role. Early next year, he will leave the company to join insurer Friends Life.

Horta-Osorio has received medical advice to take leave, but is expected to return before the end of the year. He joined Lloyds in March from Spanish bank Santander.

Lloyds’ private banking division has recently launched new retirement and investment products as part of the next stage of the integration of Lloyds’ wealth businesses. The bank also said it planned to triple its number of wealthy clients and be the primary wealth advisor to more of its clients by 2014.