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Royal Bank of Scotland Group

Royal Bank of Scotland announce changes to NWM Executive Management team

Royal Bank of Scotland Group (LON:RBS) and its subsidiaries, Natwest Markets Plc (NWM) and Natwest Markets N.V. (NWM N.V.), today announced changes to the NWM Executive Management team. Chris Marks and Richard Place have stepped down as Chief Executive Officer and Chief Financial Officer of NWM, respectively. Chris has also stepped down as Chair, and Richard as a member, of the NWM N.V. Supervisory Board. An internal and external search is underway for successors with permanent appointments to be announced in due course.

During the search period, Robert Begbie, RBS Treasurer, has been appointed Interim NWM Chief Executive Officer and will join the NWM Board and the NWM N.V. Supervisory Board. Robert Horrocks, RBS Treasury Finance Director, has been appointed Interim NWM Chief Financial Officer. All appointments are subject to regulatory approval. To assist with an orderly transition, Chris will remain with RBS until June 2020, and Richard until March 2020.

The Interim RBS Treasurer is Donal Quaid, RBS Head of Treasury Markets.

RBS and NWM will publish their FY2019 Annual Results on 14 February 2020.  There is no update on the performance of RBS or NWM at this time.

Chris Marks said:

“I am proud to have been a part of the journey to transform the bank and I’d like to thank the many talented people I’ve had the pleasure of working with.  In the face of challenging operating conditions, we continued to provide market-leading products and services to our clients, whilst being relentless in improving efficiency. I wish the new leadership team all the best for the future and am confident that they can build on the considerable progress we have made in recent years.”

Alison Rose, Chief Executive of Royal Bank of Scotland, commented:

“The Directors of RBS and NatWest Markets and I would like to thank Chris and Richard for their commitment and dedication to this bank, its staff and its clients. They have set the foundations for the continuing transformation and simplification across NatWest Markets as RBS has been re-shaped to focus on serving its customers in the UK and Ireland, whilst also managing complex organisational changes around ring-fencing and Brexit.

“NatWest Markets plays a crucial role within RBS, allowing us to provide our customers with the products and services they need to succeed. Prior to joining Group Treasury, Robert worked in our markets division for many years and has the experience and expertise required to lead NatWest Markets.”