LONDON Dec 18 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
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.