The Royal Bank of Scotland Group plc (ADR) (NYSE:RBS) (LON:RBS) confirmed the departure of Nathan Bostock from his position as chief financial officer. He will join the U.K division of Banco Santander SA (ADR) (NYSE:SAN) as deputy chief executive officer and chief risk officer.
The largest British government-owned bank said Bostock will remain in his position for a short period to supervise the smooth transition of responsibilities to his successor. In a statement, Philip Hampton, chairman of the Royal Bank of Scotland Group plc (ADR) (NYSE:RBS) (LON:RBS) said Bostock “did a remarkable job as Chief Risk Officer and was integral to the plan which restored safety and soundness to the bank following the 2008 banking crisis.”
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RBS to announce arrangement with Bostock’s successor
The Royal Bank of Scotland Group plc (ADR) (NYSE:RBS) (LON:RBS) said it will announce its arrangement with Bostock’s successor in due course.
On the other hand, RBS CEO Ross McEwan described Bostock as a “talented banker,” and he is looking forward to competing with him in the U.K. market as the bank strives to improve the industry for its customers.
Bostock’s resignation
Commenting on Bostock’s resignation, Chirantan Barua, an analyst at Sanford C. Bernstein Ltd said, “The loss of a CFO is not good news but it doesn’t change our views on the recovery of the bank as he wasn’t the key man in our thesis, the CEO is. We see it as an endorsement that the current CEO is here to stay — a factor that would have definitely weighed on Nathan’s decision to leave.” Barua holds an outperform rating for the shares of the Royal Bank of Scotland Group plc (ADR) (NYSE:RBS) (LON:RBS).
In his new role, Bostock will report to Ana Patricia Botin, CEO of Banco Santander, S.A. (ADR) (NYSE:SAN) (MCE:SAN)’s U.K. division. He will replace Jose Maria Nus, who will return to Spain to undertake a senior position.
Regarding Bostock’s transfer to Banco Santander U.K., Barua commented, “It’s common knowledge that the CEO of Banco Santander, S.A. (ADR) (NYSE:SAN) (MCE:SAN) U.K. is seen as one of the likely candidates for group CEO. In that case, Nathan, who knows the Abbey franchise well, definitely fits the bill.” In 2001, Bostock worked for Abbey National Plc as chief financial officer.
