Eric Sanderson graduated in law from the University of Dundee in 1972. He was President of the Students' Association in 1972-73.

After graduating he qualified as a Chartered Accountant and became a Fellow of the Chartered Institute of Bankers in Scotland. He also studied at Harvard Business School.

He was for nine years Chief Executive of British Linen Bank, Bank of Scotland's investment bank, then sat on the Bank's Management Board as Head of Group Treasury. More recently he has been Executive Chairman of Kwik-Fit Insurance Services and Non-Executive Chairman of MyTravel Group.

He has also been a non-executive director on a number of boards, including British Rail prior to its privatisation. He has now retired from executive duties but is non-executive Chairman of MWB Group Holdings PLC (property, retail and hotels) and is a non-executive director of First Milk Limited and of Schroder UK Mid Cap Fund plc.