RBS puts chief exec in place ahead of Williams & Glyn float
ROYAL bank of Scotland has appointed Jim Brown as chief executive of Williams & Glyn, the company’s new UK challenger bank.
Brown is currently boss of RBS’ Irish business and will replace John Maltby. Williams & Glyn comprises 314 branches and is focussed on lending to small businesses.
Brown is best knowns for turning around Ulster Bank, which has benefitted from the improving Irish economy and write-backs on problem loans. The firm is expected to launch a stock market listing next year.
“Jim Brown brings a wealth of experience in retail and commercial banking and will lead the business as we move forward towards an [initial public offering] IPO in the second half of 2016,” said RBS Chief Executive Ross McEwan.
RBS had been ordered to sell Williams & Glyn by European regulators as a condition of its £46bn government bailout during the 2007-09 financial crisis.
However, a turn in fortunes prompted RBS to keep the business following a strategic review. RBS said Maltby would resume his previous role as adviser to a consortium of investors in Williams & Glyn.