Andy Haste in line for RBS insurance job
ROYAL Bank of Scotland (RBS) is considering appointing the former chief executive of RSA to be chairman of its insurance arm as it prepares to spin off the division.
Andy Haste, 50, took control of RSA in 2003, turning the group around by cutting costs and closing its loss-making US operation.
He spent eight years as chief executive before stepping down at the end of 2011. At the time he said he had “no immediate plans” plans to return to work, although he has continued to be a non-executive director of ITV.
Haste is understood to be on a shortlist for the top job that includes Patrick Snowball, the former head of Aviva UK who is currently running SunCorp in Australia.
Richard Harvey, the former chief executive of Aviva and Labour peer Lord Myners, the former City Minister, are also thought to be possibilities for the job.
The bank is being forced to spin off Direct Line Group – known as RBS Insurance until earlier this month – to meet conditions attached by the European Union when it approved state aid given to the bank in 2008.
RBS aims to sell a minority stake in Direct Line through an initial public offering before the end of 2012, followed by another sale in 2013.
The new company is likely to be a member of the FTSE 100 and could be worth as much as £5bn.
An RBS spokesman declined to comment.