Mark Nunes, 35, was only released from prison two years ago after serving three years and nine months of his sentence for robbing another guard in October 2000 and fleeing in a getaway car.
After getting out, the unrepentant offender continued his life of crime, becoming one of the Flying Squad's main targets in its crackdown on the growing number of 'cash in transit' robberies across London and the Home Counties.
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Scene of carnage: The area just outside the bank where the robbers were gunned down by marksmen
Working on a tip off, the Flying Squad lay in wait hidden in a public lavatory block and sprang out of the shadows as the robbers struck.
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Aftermath: Forensics comb the scene following the shoot out
One of the gangsters grabbed the guard by the throat, held a gun to his head and demanded the money.
Within seconds, he was shot in the head by marksmen from Scotland Yard's CO19 firearms unit.
The other robber was gunned down after refusing to surrender while the third man made off.
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A bullet hole in a nearby parked car after the shootout
"Police have been on his case for a long time."
Shoppers in the sleepy town were stunned by the shooting shortly after 10am.
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Scene of Crime: Police and forensics examine the area where the robbers were shot
Evidence: Forensics officer holds a gun
Eyewitnesses saw the robbers grab the terrified security guard as he got out of the van.
Within seconds over a dozen armed officers were on the scene and fired three shots, killing the hostage taker and seriously injuring a second man.
He died at about midday as he was taken to hospital in an ambulance.
The security guard suffered a graze to the hand where the bullet glanced him but did not require hospital treatment.
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The attack happened north of Southampton, in the town of Chandler's Ford in Hampshire
Armed police at the scene of the robbery
Detectives are hunting for a blue 05-reg Volvo estate which was used in the robbery.
The incident has been referred to the Independent Police Complaints Commission as a matter of procedure. The Commission has said a loaded gun was found at the scene.
A man arrested in Raynes Park, South-West London, on Thursday night in connection with the robbery, remained in custody yesterday.
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