Sir Howard Davies to become RBS chairman

Sir Howard Davies has joined the board of Royal Bank of Scotland with immediate effect and will assume chairmanship of the majority state-owned bank in a matter of months.

In a short statement released on Tuesday, the FTSE 100 group said Davies, whose appointment had originally been announced in February, was named as a non-executive director and will assume the role of chairman from 1 September.

Davies was in charge of the UK Airports Commission, which was set up in 2012 to make recommendations to the British government on airport capacity in the South East of England and published its final report on 1 July.

RBS shares were down 0.90% to 348.44p at 1008 BST on Tuesday.