Ex-RBS director could make more than $12m in Citizens sale

For Sale

Bruce Van Saun, the former finance director of Royal Bank of Scotland, stands to make more than $12m if the company’s US operation, Citizens Bank, is sold before its planned flotation.

The Daily Telegraph reports that the American-born banker, who is now chief executive of Citizens, would receive $7.4m in deferred share awards under a Long Term Incentive Plan (LTIP) if the unit were to change hands and he were kept on as its boss.

However, he would be in line for a bigger payout of $12.3m if he lost his job or was offered a lesser role as part of a sale.

Of that figure, $6.1m would be awarded in deferred shares and $6.2m would be granted in cash, according to Citizens Bank’s S-1 filing, lodged with America’s Securities and Exchange Commission.

To access the complete Daily Telegraph article hit the link below:

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