RBS lines up CFO van Saun to lead U.S. spin-off: source

Tue Apr 2, 2013 11:47am EDT
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By Steve Slater

LONDON (Reuters) - Royal Bank of Scotland (RBS)(RBS.L: Quote) is preparing to appoint Finance Director Bruce van Saun as head of its U.S. arm Citizens ahead of its stock market listing, a person familiar with the matter said.

The state-backed British bank could appoint Nathan Bostock, its head of restructuring and a former finance director of Abbey National, as van Saun's replacement. Bostock is highly regarded and is likely to be the front-runner if van Saun moves, though no decisions have been finalized, the source said on Tuesday.

The Financial Times, which first reported the possible changes, said they could be announced within a matter of weeks.

RBS declined to comment.

American van Saun has been RBS finance director since October 2009 and has helped Chief Executive Stephen Hester to cut the bank's bloated balance sheet under a five-year turnaround plan.

He would replace Ellen Alemany as head of Citizens.

RBS said in February that it would sell 20-25 percent of Citizens through a stock market listing in the next two years after Britain's financial regulator put pressure on the bank to strengthen its capital position.

RBS, 82 percent owned by the UK taxpayer after it was saved from collapse in 2008 with a 45 billion pound ($68 billion)bailout, has shed about 900 billion pounds of assets and is under pressure to focus its lending on British households and small businesses.   Continued...

A sign is seen outside a Royal Bank of Scotland building in central London February 28, 2013. REUTERS/Neil Hall