RBS appoints Robert Begbie as permanent CEO of NatWest Markets

Royal Bank of Scotland Group announced fresh appointments to the executive management team and board of its subsidiary NatWest Markets on Thursday.

The FTSE 100 banking giant said Robert Begbie, interim NatWest Markets chief executive officer since 19 December, has been appointed to the role permanently.

David King, former CEO of MUFG Securities EMEA, has been appointed chief financial officer of NatWest Markets, replacing the interim CFO Robert Horrocks.

RBS also said that Donal Quaid, interim group treasurer since December, has been appointed Group Treasurer.

It said Begbie would continue to serve as a member of the NatWest Markets board, and as chair of the supervisory board of the NatWest Markets subsidiary, NatWest Markets N.V.

King would join the NatWest Markets board as an executive director, and would take up his role during the summer.

“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,” said RBS CEO Alison Rose.

“These appointments will allow us to continue the transformation and refocusing process across NatWest Markets that we announced in February and establish a business that delivers even greater benefits for our bank and our customers.

“NatWest Markets plays a crucial role within the group, allowing us to provide our customers with the products and services they need to succeed.”

Robert Begbie added that NatWest Markets had an “important role” within the RBS group.

“We have made considerable progress in refocusing the business following the strategic announcement in February and we will continue to build upon this during the medium term.”

At 1225 BST, shares in Royal Bank of Scotland Group were down 5.55% at 121.6p.