New finance director at RBS

STATE-BACKED Royal Bank of Scotland today announced that Nathan Bostock has been appointed finance director and executive director, amid a swathe of management changes effective from 1 October.

Bostock was previously chief risk officer and replaces Bruce Van Saun in his new roles.

Deputy chief risk officer David Stephen will replace Bostock as chief risk officer.

Van Saun will become chairman and chief executive of RBS Citizens Financial Group, replacing Ellen Alemany who retires after more than five years’ service.

Commenting on the new appointments, chief executive Stephen Hester said: “I am pleased to welcome Nathan to the Board. Since returning to RBS in 2009 he has presided over our substantial restructuring programme and risk improvements and he will make a great Finance Director.

“David Stephen joined RBS in 2010 with this succession in mind and we are happy to have him as an able successor to Nathan. I look forward to working with Bruce, Nathan and David in their new roles.”

The bank, which received a government bailout during the financial crisis, earlier in May posted pre-tax profits of £826m, back in profit for the first time in 18 months.