RBS loses CEO of Williams & Glynn spin-out ahead of IPO

The chief executive of Williams & Glynn, the high street banking business that Royal Bank of Scotland is being forced to spin out, has quit less than 18 months into the role.

John Maltby will step down from his role as at Williams & Glyn, which is scheduled for a London flotation in the second half of 2016, and be replaced by Jim Brown, currently CEO of RBS's Ulster Bank arm.

Maltby will resume his role as advisor to a consortium of external investors who took part in a £600m bond issue in 2013, which led to the creation of the new challenger bank.

RBS CEO Ross McEwan said: "Much has already been done in building a standalone business and we are grateful for the important role that John has played in getting the bank to this point.

"Williams & Glyn will play an important role in the UK banking landscape and will be an excellent addition to the market.

"Jim Brown brings a wealth of experience in retail and commercial banking and will lead the business as we move forward towards an IPO in the second half of 2016."

Williams & Glynn, which as 'the alternative bank' was bought up by RBS around 30 years ago, will be made up of RBS branches in England and Wales, NatWest branches in Scotland, plus certain personal, private banking, small business and corporate accounts at these branches.

Lord Mervyn Davies, representing the external investors' consortium, said: "I would like to thank John for his commitment and focus in building Williams & Glyn. The delivery of a new challenger bank is an exciting proposition and we look forward to working with Jim through this next stage to IPO."