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Royal Bank Of Scotland Makes Begbie Permanent CEO Of NatWest Markets

Thu, 11th Jun 2020 14:39

(Alliance News) - Royal Bank of Scotland Group PLC on Thursday made Robert Begbie permanent chief executive officer of its investment bank NatWest Markets.

Begbie has been interim CEO of the investment bank since December 2019. He will continue to serve as chair of the Dutch-domiciled NatWest Markets NV's supervisory board.

Former MUFG Securities EMEA CEO David King has been named NatWest Markets CFO, replacing interim CFO Robert Horrocks.

King will take up his role in the summer, RBS said.

Chief Executive Alison Rose said: "We're very pleased to make these appointments. When I took over as CEO, re-focusing NatWest Markets was one of my top priorities, and our work here is well underway to deliver against the strategy set out in February. These appointments will allow us to continue the transformation and refocusing process across NatWest Markets that we announced in February and establish a business that delivers even greater benefits for our bank and our customers."

In the first quarter, NatWest Markets saw its total income more than double to GBP543 million. The division posted an operating profit of GBP206 million compared to a GBP62 million loss the year before. The investment bank saw its Rates and Currencies businesses record income growth of 22% and 85%, respectively.

In February, RBS noted it plans to continue with its planned restructuring of NatWest Markets. During the quarter, RBS "started to simplify" the investment bank's product suite, including announcing that it will no longer offer client clearing or execution services for exchange traded derivatives.

The bank is still hoping to shave NatWest Markets risk-weighted assets to about GBP32 billion, which ended the quarter at GBP38.9 billion.

"NatWest Markets plays a crucial role within the group, allowing us to provide our customers with the products and services they need to succeed," Rose added on Thursday.

Shares in RBS were down 7.0% in London on Thursday afternoon at 119.70 pence each.

By Paul McGowan; paulmcgowan@alliancenews.com

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