HM Treasury will name James Leigh-Pemberton, currently the UK head of Credit Suisse, as the new CEO of the UK Financial Investments (UKFI).
Leigh-Pemberton will succeed Jim O'Neil, who announced his retirement in April to take up a position at Bank of America Merrill Lynch.
Leigh-Pemberton, who is the son of former Bank of England governor Robin Leigh-Pemberton, will be the fourth head of UKFI since 2009. His appointment will be effective October.
Commenting on the appointment, George Osborne, the British Chancellor of the Exchequer, said: “Leigh-Pemberton’s significant experience in the financial services industry, gained over two decades, makes him the right person to take us through the next phase of our plan for the recovery of Britain’s banking system.”
“I’d also like to record my sincere thanks to both Jim O’Neil and Robin Budenberg for their invaluable contributions towards building a stronger banking system that supports Britain’s economy, businesses and consumers,” Osborne added.
Leigh-Pemberton will also become executive chairman, when Robin Budenberg, the current chairman of UKFI, leaves at the end of 2013, reported the Guardian.
UKFI will also reveal the appointment of Oliver Holbourn as the head of its capital markets today, reported the Financial Times. Holbourn is currently the head of equity capital markets origination in the UK, Ireland and South Africa for Bank of America Merrill Lynch.
UKFI was created in November 2008 to manage the British government’s investments in the Royal Bank of Scotland (RBS), Lloyds and UK Asset Resolution (UKAR). The government owns an 81 per cent of interest in RBS and a 39 per cent stake in Lloyds.