Credit Suisse exec will lead RBS and Lloyds stake sales

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James Leigh-Pemberton, chief executive of Credit Suisse's British arm, will be appointed the new head of UK Financial Investment on Monday, according to a Credit Suisse internal memo seen by Reuters.

Reuters News reports that the appointment comes just as UKFI - set up to manage and eventually sell Britain's stakes in Lloyds Banking Group and Royal Bank of Scotland - prepares to sell part of Britain's 39% stake in Lloyds.

Leigh-Pemberton, whose father was governor of the Bank of England for a decade from 1983, was a member of the team of bankers that advised Britain's Treasury on the recapitalisation of Lloyds and RBS when the Government pumped £66bn ($104.72bn) into both lenders, keeping them afloat during the 2008 financial crisis.

Business Secretary Vince Cable told a newspaper last month that RBS, in which Britain owns an 81% stake, was unlikely to be reprivatised before 2018. The Government will conclude a review this autumn into whether RBS should be split up.

Hit the link below to access the complete Reuters article:

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