ONE good thing to come of Standard Life's sale of its Bank of Scotland stake is that the bank will have to emerge from the shell of its major shareholder and be more communicative.

With a friendly 32% shareholder solidly behind it, Bank of Scotland has felt less need to do the round of meetings with institutions and briefings most public company directors no doubt find tedious. Now it recognises it will have to become more open with the investment community.

The bank is highly visible at home but it has virtually no retail exposure in England, where its 23 branches do not go out of their way to attract individual customers.

So the group is not as well-known as it ought to be, which is unfortunate because it has a good story to tell. Perhaps the most impressive figure it will show institutions is the steady rise in its share of UK sterling advances since 1980. This consistent performance has much to do with the long experience of the executive directors.

Unlike others in the sector, it has not gone in for recruiting corporate high fliers to the boardroom.

Given the track record, it is a pity the group is not going to market the shares to small investors. This would have been more costly and bothersome - these days they expect incentives such as discounts - but the group has a ready-made marketing base and local investors could be a help in fighting off a predator.

Now that it is to lose its major shareholder, it will be more vulnerable as it is a small player in global terms.