AN ELITE group of Scottish banking "elders" is being mustered to make an audacious £6 billion bid to save the Bank of Scotland.

In an unprecedented move, the senior SNP backbencher Alex Neil MSP, an economist and member of the Scottish Parliament Finance Committee, is writing to a distinguished group of leading bank figures to hold an exploratory meeting in Edinburgh this week.

It is inderstood the first minister Alex Salmond has been told of the plan and is said to be sympathetic to any proposal that will save large numbers of jobs in Scotland.

The group already has access to major supporters in the Middle East and Asia who are well disposed to Scotland's financial community.

The idea of hijacking the Lloyds TSB and HBOS merger was first mooted with Neil by Jim Spowart, the Scottish banker who created Intelligent Finance and brought an estimated 6000 jobs to Scotland. Neil will be sending out invitations today to the key figures for an exploratory meeting this week, which he will chair.

The move is in response to the proposed merger of Lloyds TSB with HBOS, the owners of Bank of Scotland.

The prominent group of banking elders' to be invited to the meeting is expected to include Sir George Mathewson, former chief executive of the Royal Bank of Scotland; Sir Angus Grossart, one of the leading lights of Scottish finance; Sir Peter Burt, the former chief executive of Bank of Scotland; Gavin Masterton, the former managing director of Bank of Scotland; George Mitchell, another former managing director of Bank of Scotland, and Spowart, who was also a founder of Standard Life Bank. This group have the global contacts to raise substantial amounts of money for such a bid.

There is also the opportunity to bring in some senior figures from Scotland's strong insurance and pension businesses, including Lord Smith of Kelvin, who is on the board of Aegon.

Neil said last night: "We should try and explore every avenue. If we can muster this group it would be a very strong and diverse body of senior banking knowledge.

"If successful, they could be the custodians of the Bank of Scotland. It would be another chapter in the bank's incredible history."

Spowart said: "We can't just sit back and watch the Bank of Scotland disappear. We've all enjoyed successful careers in banking - which is one of the jewels in Scotland's crown - it is vital that we do something positive."

An attempt to take over the Bank of Scotland would require at least £6bn. Lloyds TSB's merger has valued Halifax at £9.6bn. The Scottish bank - including the corporate banking division - would be separated from Halifax, Birmingham Midshires and HBOS's other English brands.

"This can only work if the banking elders of Scotland set aside their differences and work together for the good of the nation. It would be a dramatic affirmation of Scotland's global position if something could be done on this scale," said Neil.

"We are in a unique position. We have never had such a group of distinguished bankers - all with excellent banking brains - available. This is a once in a generation opportunity. They won't be able to do this in 10 years' time."

"If we are told these are turbulent times - and Gordon Brown and Alistair Darling can waive the rules about Competition Commission in the UK - then surely the first minister of Scotland can sit down with senior Scottish bankers and find out if this is viable."

A spokesperson for the first minister said: "The first minister is not involved in any such talks, but the fact they could be happening indicates the wide concern about the need to retain HQ functions and jobs in Scotland, and the anger about the circumstances by which HBOS has been brought down as an independent entity.'"