Appreciation: Hugh K Young, secretary of Bank of Scotland from 1984-96

Hugh Young was a senior executive at Bank of Scotland

Hugh Young was Secretary of Bank of Scotland from 1984 until his retirement in 1996. He was also a General Manager of the Bank – one of the ten or so very senior executives. As such, he was part of the small group that oversaw what was one of the most – probably the most – successful periods in the Bank’s history.

Brought up by an aunt, on the death of his mother shortly after childbirth, Hugh lived in Peebles and attended Edinburgh Academy. He qualified as a chartered accountant in 1961 and soon afterwards was called up on National Service with the 1st Battalion The Royal Scots, spending nine months in Benghazi. Whilst in his final year training as a Chartered Accountant Hugh met his future wife, Marjory, to whom he was very happily married for 54 years.

Hugh then embarked upon a career in financial services, initially with ICFC (now 3i). Between 1968 and 1973 Hugh worked in Corporate Finance at J. Henry Schroder Wagg, London. After returning to Edinburgh, he joined Bank of Scotland Finance Company Limited whose business was transferred into The British Linen Bank – Bank of Scotland’s Merchant Bank – where he was tasked with establishing, from scratch, a team in a Corporate Finance function. His success in building the corporate advisory function resulted in his appointment as Deputy Chief Executive. When the Secretary of the Bank retired in 1984 Hugh moved to Head Office at The Mound in that role.

As Secretary, Hugh was responsible to the Bank’s Board for their legal and regulatory obligations as directors of a publicly listed company. He was not a lawyer, but he was totally reliable and well able to fulfil this role: the directors of the Bank were in good hands and could sleep at night with a clear conscience.

But it didn’t stop there: Hugh’s duties were numerous and varied. In the period of mid-1980s to mid-1990s Bank of Scotland was growing quite quickly – in a controlled way. This required capital and Hugh handled the technical and legal arrangements for several Rights Issues and other capital-raisings (including an innovative type of preference share which was largely his creation and of which he was justifiably proud).

This activity – and there was more besides – very much played to Hugh’s strengths of organisation, teamwork, a keen eye for detail and a dogged determination to see the job through.

Hugh had a small group of people working for him and what was noticeable was a mutual loyalty and respect within that closely-knit unit. He had a strong belief in teamwork. The welfare of his team, and those close to them, was important to him.

Hugh had been a keen member of the TA. but pressure of work was too great for this to continue. However, a Home Service Force was started with lesser commitment. The trouble was you had to be in by the time you were 50: Hugh joined it with literally hours to spare. He was the last Officer commanding No 5 Company The Home Service Force. On a Friday evening before he left the Bank, he would don his combat kit prior to going on exercise. On one occasion he was spotted by Sir Tom Risk, the then Governor of the Bank, who was looking over the bannister – “Now, Hugh”, he said, “take care – just remember we would like to have a Secretary on Monday Morning!” Hugh was awarded a TD in recognition of his service.

Hugh was passionate about Bank of Scotland, its long history and honourable reputation. He was therefore enthusiastic about the Bank’s remarkable achievement when, throughout 1995, it celebrated its tercentenary. He chaired the committee which arranged for the occasion to be marked in various ways – including a visit to The Mound by the Queen and the Duke of Edinburgh.

In late 1995, Bank of Scotland acquired BankWest which was based in Perth, Western Australia and owned by the Western Australia Government. This was a complicated transaction and Hugh played a key role, spending several months in Perth.

Ownership was to be transferred to Bank of Scotland on St Andrew’s Day and celebrated in Perth at a formal dinner where there were speeches and even a pipe band. Hugh, and others in the Scottish contingent, wore Highland dress.

Mystery sometimes surrounds what a sporran is for. Hugh had the answer for the Australians when, on the stroke of midnight as payment was due, with a flourish he produced from his sporran . . . the Bank’s cheque for A$900m and presented it to the chairman! The Australian newspapers were full of the story. The local newspaper had a headline “What does a Scotsman keep under his kilt”

Hugh retired in early 1996 shortly before his 60th birthday. But retirement did not dim his interest in the Bank. He expressed discomfort, privately and publicly, with the way things developed after the millennium, and in particular the HBOS merger – thus demonstrating that he was a man of principle, persistent, and not afraid to stand up for what he thought was right, or oppose what was (in his opinion) wrong. He led a campaign for a branch of the Bank to be maintained at its head office at The Mound. Although the head office branch was closed one was opened directly across the road.

Throughout his business and personal life, Hugh demonstrated qualities of diligence, loyalty, honesty, fairness, reliability, integrity, leadership and instilled these in all who worked with him – characteristics which in today’s world, particularly the financial world, might seem in short supply.

Hugh had been a trustee of The Royal Scots Club as well as Chairman of both The Royal Scots Benevolent Fund and The Edinburgh Sports Club. He had a love of the Scottish hills, and was a keen golfer and racquets player.

Hugh passed away on 24 September 2016 after a short illness. He was a proud family man and is survived by his wife Marjory, daughter Susan, sons Hugh and Angus, and grand-daughter Kayleigh (Hugh was delighted that she is the third generation of his family to go to Edinburgh Academy).

He was laid to rest in his beloved Peebles.

John S Hunter & Eric F Sanderson