[an error occurred while processing this directive]
BBC News
watch One-Minute World News
Last Updated: Friday, 10 August 2007, 14:41 GMT 15:41 UK
HBOS retail business gets revamp
HBOS branch sign
HBOS's retail unit has been hit by price competition
HBOS has announced a revamp of its retail division, including the departure of its head Benny Higgins.

The bank also said finance director Phil Hodkinson will retire at 50 next year, and will be replaced by a former incumbent, Mike Ellis.

Mr Ellis will return to the bank after retiring at the end of 2005.

HBOS said it would change the structure of its retail business by splitting retail distribution and retail products.

"The structural changes we have introduced in our retail business are right for the group," said chief executive Andy Hornby.

Mr Higgins, who moved from Royal Bank of Scotland last year to head the retail unit, will leave HBOS at the end of 2007.

Mr Hornby told the Reuters news agency that Mr Higgins' departure was not related to a recent 8% drop in profits at the retail unit.

The business was hit by a sharp drop in its share of mortgages earlier in the year after a new pricing strategy went wrong, although the bank says its share has since recovered.


SEE ALSO
HBOS half-year profits climb 13%
01 Aug 07 |  Business
HBOS hit by mortgage share slide
12 Jun 07 |  Business
HBOS profit climbs 19% to 5.7bn
28 Feb 07 |  Business
HBOS set to beat earnings targets
14 Dec 06 |  Business

RELATED INTERNET LINKS
The BBC is not responsible for the content of external internet sites



FEATURES, VIEWS, ANALYSIS
Has China's housing bubble burst?
How the world's oldest clove tree defied an empire
Why Royal Ballet principal Sergei Polunin quit

PRODUCTS & SERVICES

Americas Africa Europe Middle East South Asia Asia Pacific