The CRG, which is effective from 1 January 2014, will include RBS Capital Resolution (RCR), responsible for the rundown of £38bn of assets and its associated capital, announced on 1 November 2013. In addition to this rundown, Rory will have responsibility for delivering the flotations of Williams & Glyn in the UK and Citizens in the US, as well as ensuring the most efficient use of capital in RBS's shipping business. Further details on CRG’s structure and leadership team will be made in due course.
Ross McEwan, RBS Chief Executive, said:
“I’m delighted that we have retained Rory to lead such a fundamental part of the bank's strategy. This Capital Resolution Group will help us take the necessary actions on capital and risk to ensure nothing distracts us from making RBS a great customer bank.”
Rory Cullinan led the bank's accession into the Asset Protection Scheme and over the past five years has delivered the reduction of £221bn of assets in the Non-Core Division. He will report to Ross McEwan and join the RBS Executive Committee from 1 January 2014.