Chris Marks and Richard Place stepped down from their respective roles as CEO and CFO of U.K.-based NatWest Markets PLC and their respective roles as chair and member of Netherlands-based NatWest Markets NV's supervisory board, the two companies said in a joint statement with parent Royal Bank of Scotland Group PLC.

RBS' treasurer Robert Begbie will takeover Marks' CEO role and join the Dutch unit's supervisory board, while RBS' treasury finance director Robert Horrocks will take over Place's CFO role — both on an interim basis while a search for permanent successors is conducted.

Meanwhile, Donal Quaid, RBS' head of treasury markets, will serve as RBS treasurer in lieu of Begbie.

All appointments are subject to regulatory approval.

To ensure a smooth transition, Marks will remain with RBS until June 2020, and Place until March 2020, the lender said.