New chief executive for UKFI
The UK Financial Investments Ltd (UKFI), the body which was set up a year ago to oversee taxpayers’ interests in High Street banks, has announced it has a new chief executive.
A senior investment banker at UBS, Robin Budenberg, is to replace John Kingman, who is set to join NM Rothschild.
Mr Budenberg was heavily involved in the rescue plan for the UK banking system at the height of the crisis last autumn.
He is regarded as one of the most high-profile figures in the City and will join the organisation at a crucial time when Northern Rock is set to be split in two, as well as reports that Royal Bank of Scotland (RBS) and Lloyds Banking Group are to be split.
The UKFI is responsible for the holdings in RBS and Lloyds Banking Group, which are 70% and 43% state-owned respectively.
It is also responsible for the nationalised mortgage book of Bradford & Bingley.