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We have an opportunity for an outstanding CFO to join the Williams & Glyn Executive Committee. The appointee will report directly to the CEO and will sit on the Williams & Glyn Board. The individual will work closely with the other members of the Executive Committee to create and lead a successful, sustainable, and compliant standalone retail and corporate challenger bank.
RBS is creating a new standalone UK challenger bank, branded Williams & Glyn (W&G), supported by its own technology platform with the potential to be floated on the stock market. It's a strong full service personal, private, SME and Corporate bank, large enough to stand alone in its own right, and well positioned for the future. It has often been referred to publicly as 'Rainbow'.
RBS has agreed a £600 million pre-IPO investment in its W&G business with a consortium of investors led by global financial services specialists Corsair Capital and Centerbridge Partners. In addition to Corsair and Centerbridge, the consortium includes the Church Commissioners for England and RIT Capital Partners. Following completion of the operational and legal separation of the business into a standalone bank, an exercise that is already well underway, RBS will pursue an Initial Public Offering (IPO). W&G will be a new customer-focused bank for UK customers, launching in 2014 and expected to divest from RBS in 2015. It will be positioned as a unique challenger to the existing top-tier incumbents in UK retail and corporate banking, capitalising on ‘big bank capability and small bank customer service’.
The business is going through an intense and exciting period of change, offering a tremendous opportunity to join us to help build the bank and shape its future.
W&G is made up of 308 RBS branches in England and Wales and six NatWest branches in Scotland, with the associated retail and SME customers, direct SME customers and a portfolio of mid-corporate customers. The business serves nearly 1.7 million customers (1.4 million personal customers, circa 236,000 SME and circa 1,000 mid corporate customers). It currently employs around 4,500 people, and in the future will employ approximately 6,000 people. It has a broad national footprint and a £19.7 billion loan book, funded by £22.2 billion in customer deposits and risk-weighted assets of £13.3 billion, as at 30 June 2013. The business has immediate scale in UK retail and SME markets.
The successful candidate will advise the Board on the financial strategy for Williams & Glyn, as well as proving leadership to a team of 150 within the finance function, and will undertake a leading role in taking the business through IPO and beyond. Immediate objectives will include ensuring W&G gets to an IPO-ready state by defining and executing the transitional plan and building the new W&G culture. The successful candidate will support the banking licence application process and will operate as an ambassador with colleagues in Finance, overseeing the Bank’s infrastructure transfer for enabling the Finance function, as well as ensuring adequate capital and financial opening positions.
The person appointed should be of the calibre to provide realistic succession potential to the role of CEO in the future.
The role carries Significant Influencing Function status and will be subject to regulatory approval.
- Previous Plc level experience in finance and investor relations
- General management expertise in banking, finance, treasury, risk management and related regulatory knowledge
- Good understanding of retail, commercial and corporate banking franchises and the key drivers of business success
- Strong knowledge and understanding of regulatory matters and regulatory issues affecting the retail financial services sector
- Able to provide commercial advisory services to the business in respect of on and off balance sheet and related business matters including product development and pricing, liquidity policy adherence, deal structuring, interest rates and foreign exchange, hedging strategies and execution support
- Technical competence and practical expertise in a number of balance sheet and management disciplines including capital management, funding, liquidity, interest rate and foreign exchange management
- A strong understanding of the regulatory rule set, working knowledge of key accounting and tax issues
- Have the gravitas, intellectual capacity and operational grip to be immediately credible with senior executives and stakeholders
- Operate with the highest level of integrity
- An inspirational leader and effective communicator – able to influence other senior executives and external stakeholders
- Leads by example and develops high performing teams
A competitive package will be on offer. To apply for this role please click on the 'Apply now' button.