RBS says Ulster Bank CEO Brown to become boss of Williams & Glyn

[LONDON] Royal Bank of Scotland said it had appointed Jim Brown, currently boss of its Irish business, to replace John Maltby as chief executive of its Williams & Glyn business, which is due to become a new UK "challenger" bank.

RBS was ordered to sell Williams & Glyn, which comprises 314 branches and is focused on lending to small businesses, by European regulators as a condition of its 46 billion pound (S$92.6 billion) government bailout during the 2007-09 financial crisis.

It plans to list the business on the London Stock Exchange in the second half of 2016.

RBS said on Tuesday Maltby would resume his previous role as advisor to a consortium of investors in Williams & Glyn.

REUTERS