LONDON (AP) — The Royal Bank of Scotland says it has named Bruce Van Saun chief executive of Citizens Bank, its U.S. business, ahead of its expected partial stock market flotation.
Van Saun, currently RBS's finance director, will replace Ellen Alemany, who is retiring after more than six years. Nathan Bostock, currently RBS's chief risk officer, will replace Van Saun.
RBS CEO Stephen Hester says 55-year-old Van Saun, who is originally from New Jersey, will lead Citizens in the run-up to the anticipated flotation.
Regulators have been pressuring for the Citizens sale as RBS tries to return to private ownership following a government bailout in 2008.
But Investec analyst Ian Gordon says RBS is merely buying time and that a Citizens sale is years away.