Mike Ellis, the HBOS FD, acquired 10,000 shares when the bank's shares were driven down last week, thought to be by short-sellers hoping to make a fast buck.
The management team of the UK bank instead opted to cash in with the shares at a low ebb. Stock exchange disclosures show Ellis acquired 10,287 shares at the price on March 19 of £4.46.
The holding, which would have cost £46,000, is now worth £56,000, meaning a paper profit of £10,000 over less than a week.
The shares have soared by over 20% in the last week as the stock bounced back following the short-selling. The stock is now trading at £5.45.
There were suggestions unscrupulous city traders had forced down the bank's share price by suggesting it had had to go to the Bank of England for emergency finance, a claim vigorously denied by all parties.
Ellis now holds 377,866 shares in HBOS, the bank said in its filing.
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