Royal Bank of Scotland announced on Tuesday that it hired Rory Tapner as CEO of RBS Group's Wealth Division.
Tapner was previously Chairman and CEO of UBS Group's Asia Pacific businesses. Prior to that he was global head of equity capital markets at UBS and then global head of investment banking. In Asia Pacific, he was responsible for 10,000 employees operating across 13 different countries, the firm said.
Tapner is replacing John Baines, who resigned in February.
“Rory Tapner is a highly experienced addition to the RBS senior management team and I am delighted we have been able to secure such a high calibre leader for our global wealth business," said Brian Hartzer, Chief Executive, UK Retail, Wealth and Ulster Bank, RBS Group, in a press release on Tuesday. "His experience in building and leading global financial services businesses will be invaluable in his new role."
The RBS Wealth Division provides private banking and investment services in the UK through Coutts & Co and Adam & Company, and offshore banking services through RBS International, NatWest Offshore, and Isle of Man Bank. Outside of the UK it offers Private Banking through the RBS Coutts brand in over 80 countries with Switzerland, Hong Kong, Singapore and Dubai as major hubs.
Meanwhile, RBS announced Friday that the Financial Services Authority of Britain had launched a probe into sales of a savings product by Coutts, the firm’s private banking arm.