At an age when many people are preparing for retirement, Sir Kit McMahon, who has died aged 97, made his first move into business. In 1986 McMahon, an economist and central banker, was parachuted into Midland Bank to rescue the once-mighty institution – a process that eventually led to its takeover by the Hongkong and Shanghai Bank (HSBC).
The period was, he said, “the most exciting and enjoyable of my life”. But it was a difficult time and, while nobody doubted McMahon’s intellectual powers, his belated transformation into a bank chief executive was only a partial success.
