Royal Bank of Scotland has named finance director Bruce Van Saun to replace Ellen Allemany as boss at its Providence, R.I.-based Citizens Financial Group unit, which operates the former Mellon PSFS branches and loan operations as Citizens Bank of Pennsylvania, one of the Philadelphia area's largest banking networks, headed locally by veteran Philadelphia banker and chamber of commerce leader Daniel K. Fitzpatrick..
Van Saun, a North Jersey native and resident who graduated summa cum laude from Pennsylvania-based Bucknell University's business program in 1979, joined Royal Bank in 2009 after the company's bailout by the U.K. government, Bloomberg reports here. He was previously CFO at Mellon BNY and at Deutsche Bank's U.S. arm. Allemany, a former Citigroup executive who joined Citizens in 2007, was one of the highest-ranking women in U.S. banking but kept a low public profile. She is retiring, according to the company.
Royal Bank plans a partial sale of its Citizens shares to raise cash but officials have said they have no plans to give up control of the company.