UK makes Charles Donald CEO of agency managing RBS stake
LONDON – UK Government Investments, which manages taxpayers’ stake in Royal Bank of Scotland, has appointed Charles Donald as Chief Executive.
Donald, a former Credit Suisse banker, is currently director of the financial institutions group at UKGI. He will take up his new role on March 12, replacing interim CEO Justin Manson.
UKGI also manages the government’s stakes in the Post Office and other public assets including mapping agency Ordnance Survey and the British Business Bank.
Donald will take up the role on March 12.
Britain’s government had planned to announce its budget on March 11, although the timetable for this has been thrown into doubt by the sudden resignation of chancellor Sajid Javid and replacement with Rishi Sunak.
RBS, which announced a strategy overhaul on Friday under new Chief Executive Alison Rose, is still 62% owned by taxpayers following a 45 billion-pound bailout in the 2008 financial crisis.
Selling further chunks of the government’s stake in the lender is likely to be a priority for Donald. RBS Chairman Howard Davies said on Friday the lender was holding on to excess capital in the hope it could help buy back government stock as and when sales restart after the budget.
UKGI has sold several financial assets it rescued in the crisis in recent years, including the government’s former stake in Lloyds Banking Group and former loan books of collapsed lenders Northern Rock and Bradford & Bingley.
(Content and photos syndicated via Reuters)