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Bruce Van Saun appointed CEO of Citizens Bank

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Thursday, May 9, 2013, 2:51 p.m.
 

The Royal Bank of Scotland named Bruce Van Saun chief executive of RBS Citizens Financial Group Inc. as the British lender prepares to sell a stake in the U.S. division.

Van Saun, finance director of RBS, will replace Ellen Alemany, who is retiring after more than six years at the Rhode Island-based bank. Nathan Bostock, RBS's chief risk officer, will replace Van Saun. The appointments will take effect on Oct. 1.

Citizens Bank — the Pittsburgh region's second-largest retail bank, with 132 branches — is part of RBS Citizens Financial Group in Providence, R.I., which is Royal Bank of Scotland's banking franchise in the United States.

Van Saun joined RBS in 2009 after serving as Bank of New York Mellon Corp.'s chief financial officer. He left BNY Mellon in July 2008 after helping merge the Bank of New York and Mellon Financial Corp. Citizens entered Pennsylvania with its 2001 acquisition of Mellon's retail bank.

Van Saun joined RBS after the bank received $70.6 billion in the biggest banking bailout in the world in 2008 and 2009. RBS has since shrunk the bank's balance sheet by more than $1.4 billion.

Alemany became CEO of Citizens in 2008 after the resignation of Steve Steinour, now CEO of Huntington Bancshares.

RBS CEO Stephen Hester said Van Saun, 55, who is originally from New Jersey, will lead Citizens in the run-up to the anticipated initial public offering.

Britain's biggest government-owned bank said in February it plans to sell a 25 percent stake in Citizens in the next two years after coming under pressure from regulators to boost capital.

Bloomberg and the Associated Press contributed to this story.

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