LONDON (Reuters) - Royal Bank of Scotland (RBS.L) said on Thursday it has named Robert Begbie as chief executive of NatWest Markets (NWM), after a successful phase in interim charge of the embattled investment banking unit.
The bank also said David King, former chief executive of MUFG Securities in EMEA, had been appointed chief financial officer of NWM, replacing Robert Horrocks.
King is expected to take up his role during the course ofthe summer, RBS said.
Begbie, who has led NatWest Markets since December, faces a tough task to restore faith in the state-backed lender’s under-pressure investment banking operations where returns and market share have underwhelmed investors. That has prompted some to call for a cull of the business.
“When I took over as CEO, re-focusing NatWest Markets was one of my top priorities, and our work here is well underway to deliver against the strategy set out in February,” RBS CEO Alison Rose said.
“These appointments will allow us to continue the transformation and ... establish a business that delivers even greater benefits for our bank and our customers.”
RBS also said that Donal Quaid, interim Group Treasurer since December, has been appointed Group Treasurer.
Reporting By Sinead Cruise; editing by Dhara Ranasinghe