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RBS Reorganises Asia-Pacific Banking Roles

Vanessa Doctor

24 May 2013

Royal Bank of Scotland is scrapping the position leading the Asia-Pacific markets and international banking unit as part of a reorganisation effort to create a more global structure for its business.

John McCormick, group chairman and chief executive of the said division, is leaving the company after 17 years, seven of which were spent in Asia. To ensure a smooth transition, Donald Workman, the head of the asset protection scheme unit, will replace McCormick as the new executive chairman of RBS Asia-Pacific with immediate effect.

Workman, who has been with RBS for 21 years, now reports to John Owen, CEO of international banking, and Suneel Kamlani and Peter Nielsen, the co-CEOS of markets. He will also lead the Asia-Pacific executive committee and attend the RBS group executive committee.

Pierre Ferland, head of markets for Asia-Pacific, and Madan Menon, head of international banking in the region, report to him.

Royal Bank of Scotland has been divesting its non-core equities and merger and acquisitions businesses in the past year to reduce group debt and focus on its key businesses, namely wealth and private banking, markets and international banking, and retail and corporate financial services.