Change at top of RBS subsidiary
Ireland’s top paid banker to head Williams & Glyn
Jim Brown, chief executive of RBS subsidiary Ulster Bank will take over from John Maltby who will step down and resume his role as advisor to the external investors’ consortium.
Mr Brown is now poised to lead the revived Williams & Glyn to a flotation towards the end of next year. The name disappeared from British high streets in 1985.
It has been recreated from 314 RBS and NatWest branches that RBS was forced to sell by the European Union as a condition of receiving state aid.
It was recently revealed that carving out the branches and creating a new bank will cost RBS £1.5 billion.
Ross McEwan, RBS chief executive, said: “I would like to express our thanks to John Maltby for his very significant contribution to Williams & Glyn over the past 18 months. Much has already been done in building a standalone business and we are grateful for the important role that John has played in getting the bank to this point.
“Williams & Glyn will play an important role in the UK banking landscape and will be an excellent addition to the market. Jim Brown brings a wealth of experience in retail and commercial banking and will lead the business as we move forward towards an IPO in the second half of 2016.”
Lord Mervyn Davies, representing the external investors’ consortium, said: “I would like to thank John for his commitment and focus in building Williams & Glyn. The delivery of a new challenger bank is an exciting proposition and we look forward to working with Jim through this next stage to IPO.”
Mr Brown saw his pay and bonus package jump by 66% last year to €1.63 million (£1.16m) as the bank returned to profit for the first time since the financial crisis.
On his new post, he said: “I am pleased to have been appointed to the CEO role at what is an exciting time for the business. We are committed to establishing a strong and credible challenger bank in the UK market and I look forward to the challenges ahead.”