RBS Finance Director Said to Be Poised for Citizens CEO PostGavin Finch
Royal Bank of Scotland Group Plc Finance Director Bruce Van Saun may give up his post to run the lender’s Citizens Financial Group Inc. unit before its initial public offering, a person with knowledge of the matter said.
Van Saun, 55, would replace Ellen Alemany as chief executive officer of the Rhode Island-based consumer lender, said the person, who asked not to be identified because the talks are private. The lender is yet to make a final decision on the move, the person added. Nathan Bostock, RBS’s head of restructuring and risk, may succeed Van Saun as finance director, the Financial Times reported today, without saying where it got the information.
RBS said last month it plans to sell a 25 percent stake in Citizens after coming under pressure from regulators to boost capital. Van Saun joined RBS in October 2009, after it received 45.5 billion pounds ($68.8 billion) in the biggest banking bailout in the world in 2008 and 2009, and has since shrunk the bank’s balance sheet by more than 900 billion pounds.
RBS CEO Stephen Hester said in February that the lender would have completed the “most important” parts of its restructuring by the end of 2013.
Bostock, 52, joined RBS in June 2009 from Santander’s Abbey National Plc unit where he was chief financial officer. At RBS, he has reduced the size of the firm’s so-called non-core business to 57.4 billion pounds at the end of 2012 from 258 billion pounds at the end of 2008. He was named head of wholesale banking at Lloyds Banking Group Plc in July 2011. Four months later, he decided to remain at RBS.
Before joining RBS, Van Saun was CFO at Bank of New York Mellon Corp. He held the same position at Deutsche Bank AG’s U.S. division.
Citizens, which RBS bought in 1988, had revenue of about $3.1 billion in 2012, accounting for about 12 percent of the British bank’s total revenue. Alemany was the highest-paid employee below board level, earning 4.78 million pounds in 2012, a person familiar with the matter said last month.