Chris Bates, a senior director within the European real estate finance division at Royal Bank of Scotland, has been appointed to lead the business from which his former boss, Mike McNamara, recently stepped down.
Bates’ job title is now head of real estate in RBS’s global banking and markets division. A new business plan is being drawn up for the downsized RBS division.
McNamara, who joined RBS from Ernst & Young in 2007, is in talks to move to the trading side of the business, although this has not yet been formally agreed and there is still a chance that he will leave the group.
The European real estate finance arm is part of RBS’s global banking and markets division, which used to make large structured finance loans, many of them in Spain and Germany.
But it has more or less stopped doing new business since the operation was deemed to be ‘non-core’ following the downturn and part nationalisation of the bank.
Stephen Eighteen, head of real estate in the global restructuring group, is overseeing RBS’s programme to run off or sell £36bn of its £90bn property loan book in the next three years.