RBS plans a reshuffle to hand Bostock the top financial job

Marion Dakers
ROYAL Bank of Scotland is preparing to promote head of restructuring Nathan Bostock to the role of finance director, in a reshuffle that would see the current finance head move to the United States to head up the group’s Citizens arm.

Bostock is tipped as the frontrunner to replace Bruce van Saun, a source said, though the moves and the timetable have not been finalised.

Van Saun, RBS’s finance director since October 2009, has helped whittle down the state-backed lender’s balance sheet as part of boss Stephen Hester’s turnaround plan.

He would replace Ellen Alemany as head of Citizens, the US retail bank. RBS said last month that it plans to float up to 25 per cent of the firm within two years.

Bostock has overseen restructuring and risk at RBS since 2009, after a spell as chief financial officer at Abbey National.

He had planned to move to Lloyds Banking Group in late 2011, but decided against the switch.

Bostock has also worked for Chase Manhattan and accountancy firm Coopers & Lybrand, now part of PwC.