Government recruits Sir Peter Burt to advise on Business Bank He had been chief executive of Bank of Scotland from 1996, having joined the bank in 1975. He led a bid for Natwest but lost out to launched his rival Fred Goodwin, the since disgraced boss of the Royal Bank of Scotland. Instead Sir Peter led the bank through its merger with Halifax in 2001 and finally stepped down in 2003. Mr Cable is expected to announce details of the new Business Bank in a written ministerial statement on Thursday. The bank, which Mr Cable has said will have £1bn of public funds with the ability to leverage up to £10bn, is one of the Coalition's flagship policies. Business groups are optimistic a state-backed bank could have a significant impact on growth - but only if it is properly executed.