Sir Philip's appointment to the RBS chairmanship would oblige him to step down as the chairman of UK Financial Investments (UKFI), the company set up by the Government to hold its stakes in RBS, the merged Lloyds TSB and HBOS, and, eventually, Bradford & Bingley and Northern Rock.
Glen Moreno, the former chief executive of Fidelity International and the chairman of Pearson, the media and education group, is a likely candidate to replace Sir Philip. If the move is confirmed, Mr Moreno, who was named a non-executive director of UKFI on Monday alongside three other City heavyweights, would become one of the most powerful men in British banking.
The Treasury originally indicated an intention to recruit three private sector non-executives to the board of UKFI. The appointment of a fourth director this week is understood to have been made with Sir Philip's potential move to RBS in mind.
Alongside Mr Moreno, the other non-executives are: Peter Gibbs, the chairman of the trading platform Turquoise; Michael Kirkwood, the former head of Citigroup in the UK; and Lucinda Riches, a former head of global equity capital markets business at UBS, the investment bank.
Thursday, 15 January 2009
Hampton to chair RBS?
According to the Torygraph. This obviously has implications for UKFI, as they say: