December 18, 2013 / 3:13 PM / 5 years ago

RBS appoints 'bad bank' boss to lead Citizens, 'Rainbow' IPOs

A logo of the Royal Bank of Scotland (RBS) is reflected in the window of a branch office in London November 1, 2013. REUTERS/Luke MacGregor

LONDON (Reuters) - Royal Bank of Scotland (RBS.L) said Rory Cullinan, the head of its non-core business, will have responsibility for managing the flotations of its U.S. bank Citizens and a network of 314 UK branches being spun off.

RBS said on Wednesday Cullinan will lead its new Capital Resolution Group, the so-called internal “bad bank” that includes 38 billion pounds of unwanted assets, which was announced last month. He had been expected to lead the “bad bank”.

RBS said Cullinan will also have responsibility restructuring the bank’s shipping business and for managing the flotations of Williams & Glyns, a network of 314 UK branches earmarked for a listing in 2015 or 2016, and Citizens in the United States, which could occur next year.

Reporting by Steve Slater; Editing by Matt Scuffham

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