RBS appoints "bad bank" boss to lead Citizens, "Rainbow" IPOs

LONDON Wed Dec 18, 2013 7:46am EST

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LONDON Dec 18 (Reuters) - Royal Bank of Scotland said Rory Cullinan, the head of its non-core business, will have responsibility for managing the flotations of its U.S. bank Citizens and a network of 314 UK branches being spun off.

RBS said on Wednesday Cullinan will lead its new Capital Resolution Group, the so-called internal "bad bank" that includes 38 billion pounds of unwanted assets, which was announced last month. He had been expected to lead the "bad bank".

RBS said Cullinan will also have responsibility restructuring the bank's shipping business and for managing the flotations of Williams & Glyns, a network of 314 UK branches earmarked for a listing in 2015 or 2016, and Citizens in the United States, which could occur next year.

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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