Peter Burt, HBOS deputy chairman, will retire from the group with effect from 6th January 2003.
Burt, 58, has been overseeing the group's integration process.
A HBOS spokesman says: “The main elements of that process are now in hand, the senior management team is in place, branch integration is underway in Scotland and all the main IT decisions have been made and are being implemented. Peter has therefore decided that the time is right for him to retire.”
Peter Burt joined the Bank of Scotland in 1975 working initially in the International and Oil and Energy departments. He became Head of the International Division in 1985, Treasurer and Chief General Manager in 1988 and Group Chief Executive in 1996. During this period, profits at the Bank of Scotland increased on a pre-tax basis from £157.9m in 1988 to £1.077bn in the last financial year (February 2001) before the merger with the Halifax.
Dennis Stevenson, chairman, says: “Peter has made an outstanding contribution first to the Bank of Scotland and then over the past eighteen months to the HBOS Group.
“There have been other important ways in which Peter has made his mark too. His various initiatives in extending banking facilities to the socially excluded in Scotland underlines the wider role that our industry needs to play right across the UK.”
And James Crosby, HBOS chief executive, adds: “Peter's biggest legacy to HBOS is a very strong Bank of Scotland; we are fortunate to have that inheritance. I am sorry to see Peter retire and will miss his good counsel.”
Peter Burt says: “I've enjoyed bringing Bank of Scotland and Halifax together. It is particularly pleasing, given that the two companies had had a relationship going back many years. I have enjoyed my 28 years in banking and none more so than the last eighteen months.”