John McFarlane’s life might have taken a very different path. In the 1960s he was lead singer for a group called The Sekrets and later hawked his guitar round the folk clubs of Scotland. But the times weren’t a-changing for this Bob Dylan manqué. He chose banking for his career and ended up running ANZ, one of the Big Four banks in Australia.

Between his arrival at ANZ in 1997 and his departure last year, he transformed what was regarded as the weakest of the Big Four. When he arrived, ANZ was seen as slow-growth, high-risk and top-heavy with costs.

When he left in June 2007, he won plaudits from analysts for restoring profits and morale and trebling the share price.

Posterity may not judge him quite so kindly. ANZ has since suffered the same credit crunch-related losses as so many other banks and its shares are back close to the level they were when he arrived.

Nevertheless, he was thought of as a refreshing new face in Australian banking. While rivals were closing branches and pulling out of rural areas, ANZ stayed put. He was also a cheerleader for placing women in senior jobs.

He rushed to apologise and criticise his own bank when it was caught misleading customers by telling them that they would be better off when it reduced the interest-free period on credit cards.

He and ANZ were caught up in the cash-for-comment scandal, when it emerged that several banks and other Australian companies had paid radio journalists to make favourable comments about them. He said later that he was embarrassed by the affair and regretted his involvement.

He was at Citigroup for 18 years, serving for a time as head of its investment banking department in London. Before then he worked for six years at Ford (Europe).

He has an MA from Edinburgh University, not far from his hometown of Dumfries, and an MBA from Cranfield. Now 61, he lives in Australia after taking Australian citizenship, although he still retains a British passport. He sits on the advisory board of Consolidated Press Holdings, the Packer family media business.

Described in The Age newspaper in Melbourne as “urbane, charismatic, outspoken and in tune”, he is still known occasionally to don his guitar for charity concerts.

Times Recommends

• Minister in talks with Saudis to protect creditors
• Premier Inn hits back in £29-a-room row
• Bankers hit back at 'populist' bonus supertax