The former chief executives of Bank of Scotland and Royal Bank of Scotland have written to HBOS calling for its chairman and chief executive to resign.

The writers, Sir Peter Burt and Sir George Mathewson, say HBOS and its shareholders would be better off if the bank were to remain independent.

HBOS is being taken over by Lloyds TSB in a £12.2bn merger.

Lloyds TSB has said that its acquisition of HBOS would save it at least £1.5bn ($2.4bn) a year, raising fears of heavy job losses from the merger.

Commenting on the letter, First Minister Alex Salmond said: “We have received a copy of the letter from Sir Peter Burt and Sir George Mathewson, and will give its detailed contents the most careful consideration. They are the two outstanding figures in the Scottish financial sector over the last generation, and therefore their views command great respect.

“The position of the Scottish Government is very clear. We will respond to all propositions for the future of HBOS on exactly the same basis, which is – what they will mean for numbers of jobs, the extent of decision making and competition for business and personal customers in the wider Scottish economy. That represents the Scottish interest, which is paramount in our consideration.”