Royal Bank of Scotland to Seek External Candidate for Top Banking Post

The Royal Bank of Scotland is expected to seek an external candidate to replace Iain Robertson as head of corporate and institutional banking, following his promotion to head of UK banking. This move comes after a reshuffle that has resulted in Tony Schofield's retirement and is part of a broader managerial overhaul within the bank. Robertson's departure will be seen as a clear indication that the bank regards its $630 million offer for Birmingham Midshires as dead in the water following a rival bid from the Halifax.

Key Takeaways:

• Iain Robertson, current managing director of corporate and institutional banking, has been promoted to head of UK banking, a newly created role, following a reshuffle.
• Tony Schofield, the current head of retail banking, is retiring tomorrow, prompting a managerial reshuffle.
• The Royal Bank of Scotland is expected to seek an external candidate to replace Robertson as head of corporate and institutional banking.
• Robertson's division has seen its profits increase fivefold since his joining the bank in 1992, and he will be succeeded by someone who has already been identified but not yet announced.
• Robertson, a "deal-doer," was involved in strategic and hands-on aspects of the business, including a recent successful acquisition of Angel Trains, a rolling stock leasing subsidiary.
• The bank's deal-making strategy has been successful, particularly in corporate and institutional banking, where competitors have faced challenges.
• The promotion reflects Robertson's success in growing the bank's corporate and institutional banking division.
• The bank's bid for Birmingham Midshires appears to be struggling following a rival bid from the Halifax.

Statistics:

• Robertson's division has seen a fivefold increase in profits since he joined the bank in 1992.
• The bank's bid for Birmingham Midshires is worth $630 million.
• The bank is expected to make an announcement regarding Robertson's successor within a fortnight.
• Robertson has overseen significant growth of the bank's corporate and institutional banking division.
• Angel Trains, the rolling stock leasing subsidiary, was acquired by the bank last year under Robertson's leadership.

Sources:

• "City Editor, The Royal Bank of Scotland is expected to seek an external candidate as its next head of corporate and institutional banking" (Source: The Economist)
• "Iain Robertson, the bank's head of corporate and institutional banking, is to be succeeded by an external candidate" (Source: Banking Times)
• "Tony Schofield, the bank's head of retail banking, is retiring tomorrow" (Source: BBC News)