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LONDON, Sept 16 (Reuters) - The organisation that holdsBritain's stakes in banks has picked senior Credit Suisse bankerJames Leigh Pemberton as its new boss, handing him the task ofselling the taxpayers' stakes in Lloyds and Royal Bankof Scotland.
Leigh Pemberton, currently UK chief executive of CreditSuisse, was one of the main advisers to the government when itpumped billions of pounds into its banks in 2008 and took bigstakes in RBS and Lloyds.
His main job will be to sell those holdings.
UK Financial Investments (UKFI) said Leigh Pemberton wouldjoin it in October to replace Jim O'Neil, who is stepping downas chief executive after three years.
Leigh Pemberton will be become UKFI's executive chairman inJanuary, when UKFI Chairman Robin Budenberg will leave. UKFIwill then scrap the role of chief executive.
UKFI also named Bank of America Merrill Lynch's Oliver Holbourn as its new head of capital markets, tasked withhandling the sale of Britain's Lloyds and RBS stakes.
Holbourn is currently head of UK, Ireland and South Africaequity capital markets origination at BofA Merrill.
Britain pumped 20 billion pounds ($31.7 billion) into Lloydsand is expected to start selling its 39 percent stake in thebank any day, as its share prices is now above the average pricethe government paid. The sale is expected to kick off with atranche of about 5 billion pounds sold in the market.
RBS received 45 billion pounds of taxpayer cash and thegovernment is not expected to start selling its 81 percent stakefor at least another year. The sale of all of the RBS stakecould take at least five years.
"Lloyds and RBS are both now entering new phases in theirdevelopment as taxpayer investments and now is the right timefor UKFI to take on fresh leadership," Budenberg said in astatement, adding that Leigh Pemberton was "uniquely wellqualified" for the role.
