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Report: CEO of UK bank ownership vehicle to depart in coming months

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Report: CEO of UK bank ownership vehicle to depart in coming months

UK Financial Investments Ltd. CEO Oliver Holbourn is expected to step down in the coming months, Sky News reported, citing unnamed sources.

Holbourn, who was appointed CEO by former U.K. Chancellor George Osborne in April 2016, reportedly feels he has dedicated enough time to the job and is expected to return to London in an undisclosed role, according to "people close to him." He joined UKFI from Bank of America Merrill Lynch, where he worked in a senior capacity in equity capital markets.

A memo regarding Holbourn's move was distributed to colleagues earlier in the week and days after the U.K. government's independent forecaster, the Office for Budget Responsibility, published unchanged forecasts for the privatization of the government's Royal Bank of Scotland Group PLC stake in its latest report, according to the newswire. The OBR expects £3 billion of RBS shares to be privatized in each of the five fiscal years beginning with 2018-2019.

Holbourn's responsibilities at UKFI included overseeing the government's attempts to sell shares in RBS and Lloyds Banking Group PLC. While Lloyds' privatization concluded in 2017, off-loading the state's majority stake in RBS has proved challenging, as it waits for the lender to settle with U.S. authorities over the alleged mis-selling of residential mortgage-backed securities.

UKFI is set to be incorporated into UK Government Investments, which manages overall government asset sales, in the week beginning March 26.