Two of Scotland’s most prominent bankers have joined forces in an effort to block the takeover of HBOS, the banking group, by its rival Lloyds TSB.

In the latest twist in a long-running saga, Sir Peter Burt, former governor of Bank of Scotland, and Sir George Mathewson, former chairman of Royal Bank of Scotland, are planning to seek shareholder support to remove HBOS’ existing management and put themselves in charge.