Former specialist lender Kensington Mortgages chief executive John Maltby is to head up the new bank formed from the £600m sale of 314 Royal Bank of Scotland branches to a consortium of investors.
The deal, which comes ahead of a flotation, will bring back the Williams & Glyn’s bank brand to UK high streets after remaining dormant for 30 years.
It will also see the return of the RBS Intermediary Partners brand, which was scrapped in February 2010 as a result of a decision to channel all adviser business through NatWest Intermediary Solutions. RBS plans to relaunch the RBS IP brand later this year, which will transition into William & Glyn’s.
The consortium is led by private equity firms Corsair Capital and Centerbridge Partners and includes the Church Commissioners for England and RIT Capital Partners, an investment trust chaired by Lord Rothschild.
Maltby, a partner at Corsair Capital, will become chief executive of the new bank. He ran Kensington from 2000 to 2007 but left when the board issued a profit warning and launched a strategic review of its competitiveness. He joined Lloyds Banking Group as head of commercial banking in 2007.
The European Commission is forcing RBS to sell the branches as a condition of its 2008 bailout.
John Charcol senior technical manager Ray Boulger says: “It could be argued someone who has been through the mill in the sub-prime sector is at least as well placed if not better placed than those who have not experienced that. Clearly the consortium feel John is the right man for the job.”