Ex-Bank of Scotland chief executive Sir Peter Burt and former head of Royal Bank of Scotland Sir George Matthewson recently wrote to HBOS chairman Lord Stevenson demanding his and chief executive Andy Hornby’s resignations under a plan where the pair would take their places and keep HBOS “independent”.
This plan was given short shrift by both HBOS investors and the ailing bank itself, but the Scottish pair have continued their campaign online with the independenthbos.com website.
The site outlines their concerns, their aims and a plea to HBOS shareholders in stopping the imminent Lloyds TSB merger.
The website says: “We believe that the current takeover terms on offer from Lloyds TSB grossly undervalue HBOS. The bank can flourish by returning to its traditional banking business: shareholders have an opportunity on December 12 to reject the Lloyds TSB offer.
“HBOS can remain independent with your support.”