(Bloomberg) -- Credit Suisse Group AG proposed outgoing Lloyds Banking Group Plc chief executive officer Antonio Horta-Osorio as its next chairman, reaching outside the Swiss establishment to help repair the bank’s reputation after one of the most turbulent years in its history.Shareholders will vote on the 56-year-old’s nomination at the bank’s next annual general meeting on April 30, Credit Suisse said in a statement on Tuesday. He will succeed Urs Rohner, who is departing after reaching his term limit of 12 years and who’s final year in charge was marked by controversy.Horta-Osorio’s nomination caps sweeping changes at the top of the Switzerland’s second largest lender after Thomas Gottstein replaced Tidjane Thiam as CEO in February following a damaging spying scandal. The new chairman faces challenges including slow growth in private banking and an asset management arm struggling with hedge fund losses.The native of Portugal is the longest serving boss of a major bank in Britain. His pay package often stoked controversy even as he steered Lloyds to profitability and full private ownership after a bailout during the financial crisis. For Credit Suisse, he brings an outside perspective and international experience after it appointed Gottstein, a Swiss national, as CEO. Horta-Osorio will take over after a tough final year for Rohner in which his handling of the spying scandal -- when the bank blamed surveillance on former executives on its former chief operating officer -- prompted some shareholders to call for his immediate departure. Even as the scandal receded, Credit Suisse has had to contend with losses on loans to rich clients, reports on questionable deals the bank arranged for others, and a lackluster trading performance.Asset ManagementThe asset management unit in particular has been hit hard recently, with Credit Suisse closing down funds and laying off employees at its alternatives business, and overhauling investment guidelines for others. The bank is planning a strategic review of asset management over the next 12 months, though for now, he has ruled out a sale or merger.During his tenure, Horta-Osorio cut thousands of jobs and managed a long-running and costly response to a scandal where British banks mis-sold insurance to consumers. He also pushed into wealth management and insurance as a way to diversify a revenue stream heavily dependent on the British economy and mortgage borrowers.Rohner leaves the board after more than a decade at the helm, during which he replaced two chief executive officers, tilted the bank’s focus from trading to wealth management and saw the spying episode develop into an international scandal.“Antonio Horta-Osorio will make a major contribution to the future success of our bank as a leading wealth manager with strong global investment banking capabilities,” Rohner said in the statement.Lloyds poached HSBC Holdings Plc’s Charlie Nunn as Horta-Osorio’s successor, a choice that puts a wealth veteran at the helm of the British bank.(Adds Credit Suisse challenges from third paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.