Bank of Scotland restructures

BANK OF SCOTLAND is to reshape its business over the next year to ensure that customers have access to all group services and products, the group said yesterday. The present functions of the clearing bank and UK group companies - Capital Bank, the British Linen Bank and Bank of Wales - will be realigned into three operating divisions, a new services division and an extended group office function.

The first phase of change will include the formation of four business and operating divisions reporting to an executive board, chaired by group chief executive Peter Burt (pictured). Shares in BoS ended up 2.5p at 741.5p.