Santander has named former Royal Bank of Scotland finance chief Nathan Bostock as the new boss of its UK business.
Bostock had been the hot favourite for the job since Ana Botin was appointed chair of the wider Santander Group following the death of her father Emilio earlier this month.
Lord Burns, the lender’s UK chairman, said yesterday: “Nathan’s appointment provides Santander UK with continuity of vision and strategy. He brings a strong understanding not just of Santander UK, having worked for us as an executive director up until 2009, but also of the wider UK banking industry, regulatory environment and economic climate.”
Bostock was named deputy chief executive in December with a view to eventually succeeding Botin as boss of the UK business, but he only took up the post a month ago, after RBS made him serve out his notice.
He said: “We have a clear strategy and a strong management team to deliver it. Our desire to build a bank that is simple, personal and fair is working.
“Santander is a scale challenger and I am excited by the opportunities we have to continue our growth.”
Bostock’s appointment came as RBS pledged to invest more than £1 billion “to improve the banking experience for its commercial and corporate customers”.
The strategy will include the creation of eight regional business accelerator hubs.