ABN absorbed and changes made
(8 September 2008 – Australia) The Royal Bank of Scotland (RBS) has announced that in absorbing ABN Amro Australia, the ABN head will leave the bank and a strategic review will take place.
The current managing director for RBS Australia, Stephen Williams, has been appointed as head of Global Banking and Markets, Australia and New Zealand and country executive, Australia for the enlarged business.
The new appointment, and the decision to integrate ABN Amro Australia and New Zealand, has led to the first change, at the top of ABN in Australia. Australian chief executive, Angus James, will step down.
John McCormick, chief executive, Global Banking and Markets for RBS in Asia Pacific said that it is inevitable that there will be rationalisation of roles as a result of the integration but the priority will be to work with staff to remove uncertainty as quickly as possible and to ensure a smooth transition.
Stephen Williams will also oversee a strategic review of the local and NZ operations of the bank.
Until the integration is finalised, Williams will take on the role of chief executive of ABN Amro Australia. ABN Amro will remain as a separate entity of RBS pending integration with RBSA in the early part of next year.
Colin McKeith, head of ABN Amro Australia’s Global Markets division and Simon Allen, country executive for New Zealand have both agreed to continue in their existing roles.
In addition, further appointments will be made to complete the senior management team for the new combined business. Until then, senior management teams for ABN AMRO and RBS in Australia and New Zealand remain.
The new appointment, and the decision to integrate ABN Amro Australia and New Zealand, has led to the first change, at the top of ABN in Australia. Australian chief executive, Angus James, will step down.
John McCormick, chief executive, Global Banking and Markets for RBS in Asia Pacific said that it is inevitable that there will be rationalisation of roles as a result of the integration but the priority will be to work with staff to remove uncertainty as quickly as possible and to ensure a smooth transition.
Stephen Williams will also oversee a strategic review of the local and NZ operations of the bank.
Until the integration is finalised, Williams will take on the role of chief executive of ABN Amro Australia. ABN Amro will remain as a separate entity of RBS pending integration with RBSA in the early part of next year.
Colin McKeith, head of ABN Amro Australia’s Global Markets division and Simon Allen, country executive for New Zealand have both agreed to continue in their existing roles.
In addition, further appointments will be made to complete the senior management team for the new combined business. Until then, senior management teams for ABN AMRO and RBS in Australia and New Zealand remain.
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