THE FINANCE director of the Royal Bank of Scotland (RBS) is on his way out of the bank, barely two months after starting in the job.
Nathan Bostock, who moved to RBS at the beginning of October, is set to quit his role and head to Santander.
The RBS board confirmed last night that they were aware of his intention to resign, but the group has not yet released any details of a successor.
RBS chief executive Ross McEwan came into his own post only 10 weeks ago, at the same time as Bostock, admitting “a high level of trepidation”, and confirming that he would not take a bonus for his work this year or next.
Bostock is allegedly moving to Santander, becoming the bank’s deputy chief executive and chief risk officer. RBS confirmed that he would remain in his current position to hand over his responsibilities.
Santander has publicly discussed the idea of floating its British business for several years, but has continually pushed back expectations for when the public offering might occur. The finance director came to RBS at a difficult period, during which government adviser Lawrence Tomlinson published a report which criticised the way that the bank treated small firms.
Tim Wallace, Michael Bird