In a statement, the bank said he became ill yesterday and died in a London hospital yesterday afternoon. The Guardian says Higgs suffered a heart attack.
Deputy chairman Roy Brown has paid tribute to Higgs, saying: “Derek made an outstanding contribution to British business and was a well-known figure in the City; he was a pleasure to work with.”
Higgs joined Alliance & Leicester as chairman on 28 October 2005 after a lengthy career as an investment banker.
In 2003, he delivered his seminal report on corporate governance entitled Review of the Role and Effectiveness of Non-Executive Directors.