RBS Names Bostock CFO as Van Saun Moves to Head CitizensGavin Finch
Royal Bank of Scotland Group Plc named Nathan Bostock as finance director to replace Bruce Van Saun, who is moving to run Citizens Financial Group Inc. as the British lender prepares to sell a stake in the U.S. division.
Bostock’s deputy David Stephen, 48, will become chief risk officer, the Edinburgh-based bank said in a statement today. Van Saun replaces Ellen Alemany, 57, who is retiring after more than five years at the Rhode Island-based consumer lender. The appointments take effect on Oct. 1.
Britain’s biggest government-owned bank said in February it plans to sell a 25 percent stake in Citizens in the next two years after coming under pressure from regulators to boost capital. Van Saun, 55, joined RBS in October 2009, after RBS received 45.5 billion pounds ($70.6 billion) in the biggest banking bailout in the world in 2008 and 2009. RBS has since shrunk the bank’s balance sheet by more than 900 billion pounds.
Bostock, 52, joined RBS in June 2009 from Banco Santander SA’s U.K. unit where he was chief financial officer. 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. Alemany was the highest-paid employee below board level, earning 4.78 million pounds in 2012, a person familiar with the matter said in March.