Benny Higgins

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Benny Higgins
Born
Bernard Franklin Higgins

12 December 1960
Glasgow, Scotland
NationalityScottish
Alma mater Glasgow University
Occupation Banker
Employer CEO of Morrisons
Known forFormer Chief exec RBS NatWest Retail Banking

Benny Higgins FRSE is a Scottish banker, and is the former chief executive officer (CEO) of Tesco Bank. [1]

Contents

Upbringing

He was brought up in Prospecthill Circus in Toryglen, Glasgow, Scotland. [2] [3] He attended Holyrood Secondary School in the city. [4]

Career

After achieving a degree in mathematics at The University of Glasgow, Higgins began his career in 1983 at Standard Life in Edinburgh, qualifying as an actuary and then becoming an investment manager.

Higgins left in 1997 for the Royal Bank of Scotland, where he became chief executive of Retail Banking and was involved in setting up Tesco Personal Finance. He was part of the team (alongside Fred Goodwin and George Mathewson) that acquired and integrated NatWest in 2000. At the time of his departure from RBS at the end of 2005 he was chief executive of the Retail Bank which covered both the RBS and NatWest brands.

In January 2006, he took the helm of the Retail Business at HBOS. However, he departed at the end of 2007. During his tenure, Higgins' conservative mortgage strategy led to a fall in the share of the market for new mortgage lending from 16 per cent to 8 per cent, although on announcing Higgins' resignation Hornby explicitly denied any link. [5] Analysts were less kind at the time. "Benny Higgins is carrying the can ... for the mortgage debacle in the first half of this year," one said. "He was supposed to be the next big thing for HBOS, coming in from RBS to shake up the HBOS business. Obviously he's been given his marching orders." [6]

After a short sabbatical, Higgins returned to banking, taking the position of CEO of Tesco Personal Finance, later renamed to Tesco Bank, following Tesco's buy out of RBS's share of their 50:50 joint venture on 28 July 2008. [7] In 2009, he launched Putting Tesco into Banking and Insurance, a book setting out his vision for Tesco "to become a natural provider of financial services for Tesco Customers". As of 2017, he was chairman of the Regulatory Technology company Kyckr. [8]

In September 2017, First Minister Nicola Sturgeon announced that Higgins would assist the Scottish Government in establishing a Scottish National Investment Bank for Scottish infrastructure investment.

In 2019 he became chairman of the Duke of Buccleuch's estates company, managing the extensive portfolio of property and land owned by the family. [9]

Honours and awards

In 2018, he was elected a Fellow of the Royal Society of Edinburgh. [10]

Other interests

Higgins was a keen footballer and played for Glasgow Celtic, captaining the youth team in the late 1970s. [3] In 2017, he took on an unpaid role as chairman of the National Galleries of Scotland, [3] and the following year accepted a similar position at Sistema Scotland, a children's orchestra charity (succeeding Richard Holloway). [11]

At an HBOS investor annual results event, Peter Cummings, his then corporate counterpart, told analysts he felt "very, very optimistic" about the future. Higgins followed up by relating the story of Pollyanna, the over-optimistic girl who ended up falling out of a tree. [12]

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References

  1. ↑ "Movers and Shakers" . Business.timesonline.co.uk. Retrieved 7 November 2016.
  2. ↑ "A breath of fresh air for HBOS's boardroom". Telegraph. 6 January 2006. Retrieved 7 November 2016.
  3. 1 2 3 "Chairman of Scotland's national galleries inspired by his grandfather". Evening Times. 16 May 2017. Retrieved 8 May 2019.
  4. ↑ "Famous ex-pupils pass on wisdom". Evening Times. 26 March 2007. Retrieved 8 May 2019.
  5. ↑ "HBOS retail business gets revamp". BBC News. 10 August 2007. Retrieved 7 November 2016.
  6. ↑ Patrick Collinson (10 August 2007). "HBOS retail chief in surprise departure". The Guardian . Retrieved 7 November 2016.
  7. ↑ "Regulatory News". Tesco plc. 28 July 2008. Archived from the original on 17 September 2008. Retrieved 25 December 2009.
  8. ↑ Tesco banking chief Benny Higgins named non-executive chair at RegTech startup Kyckr, 5 December 2017
  9. ↑ "Duke of Buccleuch steps down as head of family firm". Business Insider. 6 February 2019. Retrieved 8 May 2019.
  10. ↑ "Mr Bernard Franklin Higgins FRSE". The Royal Society of Edinburgh. Retrieved 14 March 2018.
  11. ↑ "Benny Higgins named new chairman of Sistema Scotland". Business Insider. 13 November 2018. Retrieved 8 May 2019.
  12. ↑ "Interview: Benny Higgins - Tesco banks on this charming man". The Scotsman . Retrieved 7 November 2016.
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