Ex-bankers concede defeat over HBOS

Nov 21 2008

Two former Scottish bankers have conceded defeat in their battle to force a rethink on the Halifax Bank of Scotland takeover by Lloyds TSB.

The former heads of Bank of Scotland and Royal Bank of Scotland, Sir Peter Burt and Sir George Mathewson, had called on HBOS to abandon the deal and install them as chief executive and chairman.

They argued that the planned sale was no longer needed and that HBOS could remain independent by using the government's recapitalisation scheme.