Royal Bank Of Scotland Group Finance Director Nathan Bostock To Resign

(RTTNews) - British lender Royal Bank of Scotland Group Plc (RBS, RBS.L) said Tuesday that Group Finance Director Nathan Bostock has announced of his intention to resign from the company. The resignation comes less than three months after Bostock was appointed to the position, and just six months after the resignation of Stephen Hester as CEO.

In a statement on its website, RBS said, "We can confirm that Nathan Bostock has this evening informed the board of his intention to resign from his role as Group Finance Director. His formal resignation is expected soon, but he will remain in his position to oversee an orderly handover of his responsibilities. Details on arrangements for his successor will be announced in due course."

According to media reports, Bostock will join the UK arm of Spanish bank Banco Santander, S.A. (SAN, BNC.L) as chief risk officer and deputy chief executive.

Bostock's appointment to the RBS board as Finance Director was effective October 1, 2013, succeeding Bruce Van Saun, who was named chairman and CEO of RBS Citizens.

Earlier, Bostock served for four years as head of RBS' restructuring & risk, during which time he was responsible for the risk management and group legal & secretariat control functions, the global restructuring group, and the establishment of the non-core Division.

Prior to joining RBS, Bostock spent eight years with Abbey National plc in several roles. Earlier, he spent ten years with RBS in a number of roles, including as chief operating officer of treasury and capital markets and as group risk director.

In mid-June, RBS said that Group Chief Executive Stephen Hester would step down from his position later in the year, as the company went ahead with its privatization plan. The bank said in early August that it has appointed its UK Retail Chief Ross McEwan as a director and Group CEO effective October 1, succeeding Hester.

The UK government has an 81 percent stake in RBS, which is going ahead with its privatization plan. The bank was rescued by means of a 45 billion pounds bailout in 2008, following its ill-timed purchase of Dutch bank ABN Amro.

RBS, in early November, reported a narrower loss for the third quarter, reflecting a decline in operating expenses as well as lower accounting charge on its own credit. For the troubled loans, RBS would create an internal bad bank and would place 38 billion pounds of assets into the new entity.

Loss attributable to the company's ordinary and B shareholders for the third quarter was 828 million pounds or 7.4 pence, narrower than loss of 1.41 billion pounds or 12.7 pence in the year-ago period.

Further, RBS said that at time that in light of its new strategy to deal with high risk assets, it expects a significant increase in impairments in the fourth quarter, which is likely to result in reporting a "substantial loss" for the full year.

RBS closed Tuesday's trading at $11.06, up $0.02 or 0.18 percent on a volume of 439,759 shares. In after-hours, the stock further gained $0.04 or 0.36 percent to $11.10.