* Van Saun set to lead Citizens ahead of IPO -source
* Head of restructuring Bostock seen front-runner for CFO
* Moves could come "within weeks" -FT
By Steve Slater
LONDON, April 2 Royal Bank of Scotland
(RBS) is preparing to appoint Finance Director Bruce van
Saun as head of its U.S. arm Citizens ahead of its stock market
listing, a person familiar with the matter said.
The state-backed British bank could appoint Nathan Bostock,
its head of restructuring and a former finance director of Abbey
National, as van Saun's replacement. Bostock is highly regarded
and is likely to be the front-runner if van Saun moves, though
no decisions have been finalised, the source said on Tuesday.
The Financial Times, which first reported the possible
changes, said they could be announced within a matter of weeks.
RBS declined to comment.
American van Saun has been RBS finance director since
October 2009 and has helped Chief Executive Stephen Hester to
cut the bank's bloated balance sheet under a five-year
He would replace Ellen Alemany as head of Citizens.
RBS said in February that it would sell 20-25 percent of
Citizens through a stock market listing in the next two years
after Britain's financial regulator put pressure on the bank to
strengthen its capital position.
RBS, 82 percent owned by the UK taxpayer after it was saved
from collapse in 2008 with a 45 billion pound ($68
billion)bailout, has shed about 900 billion pounds of assets and
is under pressure to focus its lending on British households and
The bank is still making a loss, dragged down by the running
down of its "non-core" loans and compensation for past
mis-selling, but its core business is profitable and Hester said
that his turnaround is on track.
Van Saun was previously chief financial officer at Bank of
New York Mellon, where he worked from 1997 to 2008. He
has also worked at Deutsche Bank, Wasserstein Perella
Group and Kidder Peabody & Co.
Bostock, another key figure under Hester, has been head of
risk and restructuring at RBS since June 2009, selling off
He had planned to move to Lloyds Banking Group in
late 2011, but he backtracked after a health scare for Lloyds
CEO Antonio Horta-Osorio, who had tried to recruit him.
The key challenge for RBS's new finance director is to make
the bank sufficiently attractive for the government to start
selling its holding, which it is keen to do next year.
RBS is still shrinking its investment bank and trying to
sell a portfolio of 315 UK branches. It also needs to complete
the sale of its holding in insurer Direct Line.