Former HBOS chief executive Sir James Crosby is to give up his knighthood and a third of his pension, according to reports.
He was top boss of the failed bank from 2001 to 2006. The BBC said his request would now be considered by a Whitehall honours committee.
In a statement , he said: "Although I stood down as CEO of HBOS in 2006, some three years before it was taken over by Lloyds, I have never sought to disassociate myself from what has happened.
"I would therefore like to repeat today what I said when I appeared in public before the commission in December; namely that I am deeply sorry for what happened at HBOS and the ensuing consequences for former colleagues, shareholders, taxpayers and society in general."
He added: "Shortly after I left HBOS, I received the enormous honour of a knighthood in recognition of my own - and many other people's - contribution to the creation of a company which was then widely regarded as a great success.
"In view of what has happened subsequently to HBOS, I believe that it is right that I should now ask the appropriate authorities to take the necessary steps for its removal."
He added that he would also forego 30% of his gross pension entitlement, the BBC reports.
He was also the deputy chairman of the City regulator, the Financial Services Authority from 2007 to 2009 - the height of the financial crisis, the report added.
