The Royal Bank of Scotland (RBS) has shaken up its Williams & Glyn business leadership, appointing current Irish business head Jim Brown as its newest chief executive.
RBS was ordered by European regulators to sell Williams & Glyn, constituting 314 branches primarily focused on lending to small market enterprises (SMEs). The mandated sale by RBS was conditional on a government bailout of $70 billion (£45.5 billion) during the 2007-09 financial crisis.
ACY Securities Supports ASIC’s Product Intervention OrderGo to article >>
Mr. Brown will be replacing John Maltby as the chief executive of RBS’ Williams & Glyn business, which is slated to become a new UK “challenger” bank. Mr. Brown’s track record includes a highly successful stint at Ulster Bank, having capitalized on an improving Irish economy.
According to RBS Chief Executive, Ross McEwan in a recent statement on the appointment, “Jim Brown brings a wealth of experience in retail and commercial banking and will lead the business as we move forward towards an IPO (Initial Public Offering) in the second half of 2016.”
The outgoing Maltby, who had previously served as the head of commercial banking at Lloyds, began his role as chief executive of Williams & Glyn in January 2014. Despite the move, Mr. Brown will remain in his position at Ulster bank until a succession candidate can be found, according to Reuters.