The shares of Royal Bank of Scotland (LSE: RBS) (NYSE: RBS.US) fell 5p to 332p during early trade this morning after the bank revealed its finance director is to leave for Banco Santander (LSE: BNC) (NYSE: SAN.US).
The FTSE 100 member confirmed Nathan Bostock’s “formal” resignation was expected soon, although Mr Bostock would remain in his position to oversee an “orderly handover of his responsibilities“.
Mr Bostock was appointed finance director at RBS just ten weeks ago on 1 October. He will become chief risk officer and deputy chief executive at Santander UK.
Ross McEwan, the chief executive of RBS, commented:
“While I’ll miss working with Nathan, I look forward to competing with him in the UK market as we strive to better the industry for our customers.“
Philip Hampton, the chairman of RBS, remarked:
“He leaves with the best wishes of the Board.“
Ana Botín, the chief executive of Santander UK, said:
“Nathan is a very experienced banker and I know I speak for my colleagues on the Board and throughout the UK when I say how pleased we are to welcome him back to Santander.”
Mr Bostock spent eight years at Santander UK and its predecessor company Abbey National before leaving to join RBS during 2009. Prior to working at Abbey National, Mr Bostock had spent ten years at RBS that involved a stint as Group Risk Director.
> Maynard does not own any share mentioned in this article.