UK Government Investments (UKGI), the body which manages the UK government’s stake in Royal Bank of Scotland, said on Friday it appointed Credit Suisse’s Charles Donald as head of its financial institutions group (FIG).

Donald will be responsible for managing and selling down the UK government’s 71% stake in RBS.

Donald joins UKGI from Credit Suisse where he has been vice chairman of UK Advisory & Corporate Broking.

UKGI’s financial institutions group comprises the former UK Financial Investments (UKFI) team following the completion of its planned integration into UKGI.

“As head of FIG he will lead UKGI’s specialist team that will continue to focus primarily on the stewardship and divestment of the government’s remaining holdings in RBS and UK Asset Resolution (UKAR) while enhancing UKGI’s financial institutions expertise for deployment on a wider range of project and transaction work for government,” said UKGI.

“Charles will commence his new role at UKGI in May 2018, ahead of the departure of Oliver Holbourn, former chief executive of UKFI, who is leaving UKGI as planned following his four-year tenure and the successful merger of UKFI and UKGI.”

Mark Russell, Chief Executive Officer of UKGI, said: “I am delighted that Charles will be joining UKGI.

“He brings long experience of financial institutions and capital markets, and I look forward to working with him as we continue to execute our mandate and build on the progress which has been made in the disposal programme.

“I would like to express my appreciation for the leadership which Oliver Holbourn has provided since he came to UKFI in 2013. He leaves a well-resourced team and a track record of significant accomplishment.”