Finance chief quits embattled lender RBS after 10 weeks

December 11, 2013 - 8:09:57 am

LONDON: British state-rescued lender Royal Bank of Scotland (RBS) was dealt a fresh blow on Tuesday when its finance chief announced he was to quit, less than 10 weeks after taking the job.

The bank confirmed reports that group finance director Nathan Bostock had "informed the board of his intention to resign."

"His formal resignation is expected soon, but he will remain in his position to oversee an orderly handover of his responsibilities," said a spokeswoman.

"Details on arrangements for his successor will be announced in due course."

Sky News earlier reported that Bostock, who was appointed to the post on October 1, was on the verge of joining Spanish bank Santander.

RBS, currently 81-percent-owned by the British government after the world's biggest bank bailout following the 2008 financial crisis, was recently hit with a 391 million euro or $538 million fine by the European Union for rigging key interest rates.

It is also battling to solve IT problems which last week resulted in hundreds of thousands of customers being unable to use their credit and debit cards. (AFP)


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