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Sir Brian Pitman, the former chairman and chief executive of Lloyds TSB and one of the most respected bankers of his generation, has died suddenly at the age of 78.

Pitman played a huge role in shaping the UK retail banking market over the past six decades. He died in hospital on Thursday morning after suffering a heart attack on Monday. He leaves a wife, Barbara, two sons, Mark and David, and a daughter, Sally.

Knighted in 1994 for services to banking, Pitman remained active in banking until the end of his life. Earlier this year he was appointed chairman of Virgin Money, the new UK bank owned by Sir Richard Branson.  “I was fortunate enough to know Sir Brian personally and had him hold our hands as we moved into the world of banking” he said, calling Sir Brian a “giant of his profession”.

Pitman was an senior adviser at Morgan Stanley and was one of five advisers assisting the FSA to ensure effective governance of financial institutions.

Having joined Lloyds in the 1950s he rose up the ranks as the firm transformed from a small UK clearing bank to one of Europe’s largest banks.  “Sir Brian was a truly inspirational leader, who contributed an enormous amount to Lloyds over many years,” said Eric Daniels. Lloyds Chief Executive.  “He was a towering figure in our industry and was involved in many of the major changes that have shaped the banking sector.”

Pitman was president of the British Bankers' Association between 1996 and 1997. “The British Bankers' Association is deeply sorry to note the death of Sir Brian Pitman. Sir Brian was President of the BBA from 1996 - 1997," said chief executive Angela Knight.  "“Brian Pitman was a City giant. He was widely recognised for his knowledge and ability and also his willingness to get involved. He was a man of many interests but always had time to listen and was generous with his time and experience. He was a man of many interests but always had time to listen and was generous with his time and experience. I knew him personally and, like many, will miss his vibrant presence.”