HBOS names new governor

HBOS has named George Mitchell as the new governor of Bank of Scotland following the retirement of Peter Burt.

Mr Burt's joint role as governor of Bank of Scotland and deputy chairman of HBOS is to be split with the latter becoming a non-executive role.

That post is to be taken by industrialist Sir Ron Garrick.

Mr Mitchell, whose name will appear on Scottish banknotes, will combine the role with his other positions including chief executive of Bank of Scotland corporate banking, as well as treasurer and managing director of Bank of Scotland.

As governor, much of Mr Burt's time was taken up with issues surrounding integration of the Halifax and Bank of Scotland, but as that process is now complete the roles are being reorganised.

Mr Mitchell joined the bank straight from school and has held senior positions in treasury, international and personnel divisions before being made chief executive of Bank of Scotland retail bank in 1999 and chief executive of Bank of Scotland corporate banking in 2000.

Mr Garrick has served as chief executive and later chairman of Scottish-based engineering group Weir. He is already non-executive director of HBOS.