John Maltby will resume his role as advisor to the external investors’ consortium. He will be replaced by Jim Brown, who is currently Chief Executive at Ulster Bank. This appointment is subject to the regulatory approval process and Jim will remain in position to support the Board in identifying his successor.

Ross McEwan, RBS CEO, said: "I would like to express our thanks to John Maltby for his very significant contribution to Williams & Glyn over the past 18 months. 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.”

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.”

Jim Brown said: "I am pleased to have been appointed to the CEO role at what is an exciting time for the business. We are committed to establishing a strong and credible challenger bank in the UK market and I look forward to the challenges ahead.”

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