PROVIDENCE – Chairman and CEO of RBS Citizens Financial Group Inc. Ellen Alemany will retire Oct. 1 after more than five years with the Providence-based group, according to a press release from the parent company, Royal Bank of Scotland Group PLC.
Alemany was named one of 10 CEOs to watch in 2013 by American Banker. She has been credited with steadying the Providence-based company following the national real estate and financial-services-sector bust, as well as shielding the bank from the problems of its British parent company Royal Bank of Scotland.
She was ranked No. 4 on American Banker’s list of the 25 most powerful women in banking, which was released in October 2012.
Alemany will be replaced by RBS Group Finance Director Bruce Van Saun.
The executive changes are part of a succession plan established last summer, according to the press release.
The planned IPO of Citizens Financial, which Royal Bank of Scotland bought in 1988, is part of its plans to raise much-needed capital to buy out the British government stake in the bank, according to a May 9 article in Dealbook, a financial news service produced by The New York Times
Van Saun was a former senior banker at Bank of New York Mellon before joining Royal Bank of Scotland during the financial crisis, according to the Times. His appointment had been widely expected ahead of the bank’s planned sale of a 25 percent stake in Citizens Financial in 2015, according to the Times. •