LONDON (Reuters) - Royal Bank of Scotland
RBS said on Wednesday Cullinan will lead its new Capital Resolution Group, the so-called internal "bad bank" that includes 38 billion pounds of unwanted assets, which was announced last month. He had been expected to lead the "bad bank".
RBS said Cullinan will also have responsibility restructuring the bank's shipping business and for managing the flotations of Williams & Glyns, a network of 314 UK branches earmarked for a listing in 2015 or 2016, and Citizens in the United States, which could occur next year.
(Reporting by Steve Slater; Editing by Matt Scuffham)