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By Rhonda Miller
PBN Staff Writer
LONDON – The Royal Bank of Scotland, parent company of Providence-based RBS Citizens Financial Group, has begun the process of looking for a new chief executive to replace Stephen Hester, who was pressured to step down last month, according to an article by Patrick Jenkins and Sharlene Goff in the Financial Times.
One of the possible candidates to head RBS is outgoing finance director Bruce Van Saun, “if he can be persuaded to remain in the U.K.,” according to the article.
The Royal Bank of Scotland announced in May that Van Saun would become RBS Citizens Financial Group Chairman and CEO on Oct. 1, to replace Ellen Alemany, who will retire at that time.
Van Saun’s appointment had been expected ahead of RBS Citizens Financial Group’s planned partial IPO in 2015.
Whoever is appointed, the new RBS chief executive “…will face immediate challenges, with uncertainty having over RBS’s future and growing signs of government meddling in the running of the bank, which is 82 percent owned by taxpayers,” the Financial Times report said.
Providence-based RBS Citizens Financial Group, Inc. employs 5,400 in Rhode Island.