Some of HBOS’s biggest investors have dismissed an attempt by two of Scotland’s most prominent bankers to preserve the independence of the UK’s biggest mortgage lender. Sir Peter Burt and Sir George Mathewson, former chief executives of Bank of Scotland and Royal Bank of Scotland respectively, proposed removing the current management and keeping the bank independent as an alternative to a takeover by Lloyds TSB. One of HBOS’s largest investors said Monday that the pair had “no credibility, no support.”
Not surprising really. After all, the pair were instrumental in the appointments of the current senior executives at both banks, so why should they do any better second time around. What counts these days is hard cash, not bankers saying they can do a better job.