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LONDON, Nov 20 (Reuters) - Lloyds Banking Group Chief Executive Antonio Horta-Osorio will be awarded a bonusworth 2.3 million pounds ($3.7 million) after shares in thestate-backed lender hit a key milestone on Wednesday.
Horta-Osorio is entitled to receive 3 million shares in thebank when its share price trades above 73.6 pence - the pricethe government paid when it bailed out Lloyds in 2008 - for 30consecutive trading days.
Shares in Lloyds hit that landmark on Wednesday, closing at74.7 pence, though the terms of Horta-Osorio's pay plan meanthat he will not be able to cash in the shares until 2018.
The plan linked his pay to the return of the 20.5 billionpounds Britain pumped into the bank to keep it afloat during thefinancial crisis, leaving the government with a 39 percentstake.
Bankers' pay has come under intense scrutiny after scandalsranging from the rigging of interest rates to breaches ofanti-money laundering controls and the mis-selling of loaninsurance and complex interest rate hedging products.
Horta-Osorio, however, has revived Lloyds' fortunes and thegovernment was able to start offloading its shares in September.A further sale is expected next year.
"Antonio's bonus, which he won't receive until 2018,reflects the significant turnaround at Lloyds under hisleadership - something that has enabled taxpayers to startgetting back their money at a profit," Lloyds said.
The sale capped a remarkable 12 months for the 49-year-old,who was named 2013's Banker of the Year as Lloyds returned toprofit and the value of its shares more than doubled.
