Peter Burt, the deputy chairman of HBOS and a driving force behind the multi-billion pound merger between Bank of Scotland and the Halifax, is to retire next year.

His 28-year career with Bank of Scotland culminated in 1996 with the post of chief executive, and he was credited with improving profits at the bank to more than £1bn (€1.6bn). Burt, who is known for being outspoken, dismissed suggestions of takeovers as "balderdash" before closing the £29bn (€45bn) merger deal 18 months ago.