HBOS boss to get €3.2m in shares

THE boss of the retail arm of banking group HBOS is to receive shares worth €3.2 million as part of a plan to persuade him to stay with the company, it was confirmed yesterday.

Andy Hornby, 38, was offered a long-term bonus in 2002 after receiving an approach to join a retail chain, widely thought to be Boots.

The bank’s annual report confirmed yesterday Mr Hornby would be granted 260,000 shares in April after beating his target to improve profits at the retail division by 60% over three years. Profits improved by 72% in that time.