Devine takes RBS post

Shipping newcomer Alan Devine is the man to fill Lambros Varnavides’s shoes at Royal Bank of Scotland.

Devine, who has spent his entire career at RBS, has been working alongside Varnavides since February to get up to speed with the business and is now taking over as chief executive of the division on his own, a spokesperson says.

Varnavides has retired after leading the bank’s shipping division since 1998.

Devine may be new to shipping but he does boast a career of “major corporate transactions including M&A, risk management, business development, client relationship management and business turnaround” on his LinkedIn profile.

Until his recent appointment as head of RBS Shipping, he had been head of Portfolios & Banking which had assets under management of around £70bn ($117m).

The father of four has previously headed the bank's Structured Asset Finance and Portfolio Management businesses.  

RBS Shipping is running down its exposure to some loans as it frees up capital to deploy elsewhere.

Part of Devine’s role will involve moving shipping out of the bad bank within RSB, re-establishing it as a separate business and agreeing an appropriate organisation model to optimise available resources.