View more on these topics

Ex-Kensington boss to head up new RBS spin-off bank

Return of the Williams & Glyn brand will also see the RBS Intermediary Partners brand resurrected.

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.”



FCA looks to extend FSCS payouts to larger firms

The FCA is consulting on proposals to extend the reach of the Financial Services Compensation Scheme to larger unincorporated associations and large partnerships. The proposals would see organisations such as charities eligible for the same FSCS payouts as consumers. The FCA estimates the changes will apply to around 5,000 associations and 24,000 partnerships although it […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment