RBS has announced that Ulster Bank chief executive Jim Brown is to leave the Irish institution to become CEO of Williams & Glyn, a bank that is being developed by the RBS group.
Williams & Glyn is due to be listed on the stock exchange in the second half of 2016. It focuses on lending to small businesses. RBS is converting 314 of its 2,000+ branches into its Williams & Glyn brand to meet European Union rules on state aid after it received a £46bn bailout from the British government during the financial crisis.
Jim Brown commented on the move: "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."
Ross McEwan, RBS CEO added: "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."
