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The Royal Bank of Scotland Group (RBS) today announces the appointment of Stephen Williams, as Head of GBM Australia and New Zealand and Country Executive, Australia for the enlarged business.

Formerly, Williams was the Managing Director for RBS Australia (RBSA).

The announcement follows the decision last month that RBS is to retain and integrate ABN AMRO Australia and New Zealand (AAAH) with its existing business. Angus James, Chief Executive of AAAH will step down.

John McCormick, Chief Executive, Global Banking and Markets for RBS in Asia Pacific, said: "Inevitably, the integration of our combined businesses result in tough choices with respect to leadership. Under Angus' leadership AAAH became one of the leading full service investment banks in Australasia.

"I would like to thank Angus for the significant commitment he has shown over the past year as we reviewed the options for our combined businesses going forward. This has ensured a high level of continuity and stability for clients and staff during this period of change. We wish Angus every success in his future endeavours."

Williams will assume his new responsibilities as Head of GBM Australia and New Zealand and Country Executive, Australia for the future combined entity. In the interim he will take on the role of Chief Executive of AAAH, which will remain as a separate entity of RBS pending integration with RBSA in the early part of next year. ABN AMRO governance and regulatory approvals are in process.

"Under Stephen's leadership, RBSA has become a highly effective global banking and markets operation over the past nine years, focused on wholesale corporates, financial institutions and state / government entities.

I am also delighted that Colin McKeith, Head of AAAH's Global Markets division and Simon Allen, Country Executive for New Zealand have both agreed to continue in their existing roles.

"In addition to this exceptionally strong leadership team, further appointments will be made to complete the senior management team for the new combined business. Until then, senior management teams for ABN AMRO and RBS in Australia and New Zealand remain in situ."

Richard Place, currently CFO for RBS AsiaPac will be responsible for driving the integration and will report to Williams locally and to Mike Kirby, Regional COO, RBS AsiaPac.

"I am confident that the integration of these two strong businesses gives us an exceptionally good franchise and creates a platform from which we intend to harvest many growth opportunities over the medium and long term. This integration positions us well to strive for increased market share whilst playing our part in the continuing growth of the Australian and New Zealand financial markets."

In bringing together the products and expertise of our combined businesses we will have a greatly enhanced product offering available for our customers across debt, risk management, equity, commodities, capital markets and advisory businesses, in a range of asset classes and sectors.

Commenting further on the integration, John McCormick said, "It is inevitable that there will be rationalisation of roles as a result of the integration as we move to find the appropriate size teams and some select functions of the combined business may move to our regional hub(s) in Asia. Our priority will be to work with our staff to remove uncertainty as quickly as possible and to ensure a smooth transition for our businesses. In equal measure, our focus is to maintain service standards and focus on delivery to our clients."

Prior to integration, RBS intends to exercise its right to buy the outstanding shares of AAAH. RBS has agreed not to exercise this right before 31st December 2008.

Upon completion the combined business will operate under the RBS brand. The integration will be completed during 2009.