Sir Philip Hampton, chairman of UK supermarket giant Sainsbury's, is being tipped to take over from  Sir Tom McKillop as chairman of the Royal Bank of Scotland, the parent of UK private bank Coutts, according to media reports.

Sir Philip is also chairman of UK Financial Investments, the company set up to manage the  UK government's stake in RBS and other banks using its recapitalisation scheme.

RBS and Sainsbury's have declined to comment on the rumours.