RBS fills last two slots on board

 

Royal Bank of Scotland, the part-nationalised lender, Friday completed an overhaul of its board with the appointment of two non-executive directors.

RBS has recruited Philip Scott, the outgoing finance director at insurer Aviva, and former Coca-Cola executive Penny Hughes, the bank said in a statement.

RBS, 70 percent state-owned after receiving a 20 billion pounds taxpayer-funded bailout last year, said the appointments fulfilled its pledge to the government to recruit three new independent directors.

The bank named Sandy Crombie, chief executive of insurer Standard Life, as a non-executive in May.

RBS said it had consulted UK Financial Investments (UKFI), the agency created to manage the government's banking stakes, about the appointment of Scott and Hughes.

Scott will lead the bank's new board-level risk committee and will start next month, while Hughes, who will sit on the remuneration committee, will join in January.