Head of RBS’s back office operations Ron Teerlink quits ‘for personal reasons’

By TERRY MURDEN
Published on 06/10/2012 00:00

Ron Teerlink, head of business services at Royal Bank of Scotland, resigned yesterday for personal reasons.

He is expected to stay on until the first half of next year to allow time for the bank to find a successor. Business services is responsible for the back office infrastructure.

News of his departure came as it emerged the bank has suspended a trader for attempting to manipulate a key lending rate in Singapore. The part-nationalised bank put senior trader Chong Wen Kuang on leave earlier this year, for trying to manipulate the Singapore dollar swap offer rate (SOR).

Chong is the first trader known to have been suspended by RBS in relation to a rate other than Libor, widening the breadth of the lender’s possible exposure to the global interest-rate rigging affair. Chong could not be reached for comment.

RBS said in August it had dismissed staff following an internal investigation into the setting of Libor and other interest rates. But did not give any further details of individuals concerned or where they were based.

Barclays was the first bank to settle over the issue, paying record fines totalling £290 million in June following investigations by US and UK authorities.

Some analysts believe RBS could face an even greater punishment and several other banks could also be affected.

RBS, which is 82 per cent owned by the government following a bail-out in 2008, wants to settle the matter quickly. Taxpayers are sitting on a loss of £21.6 billion after the government pumped in £45bn to rescue the bank.