RBS to rehire banker behind ABN Amro deal for share sale

A banker who worked on ill-fated takeover of ABN Amro by Royal Bank of Scotland is set to return to advise RBS on the sale of the Government’s stake in the bank.

The Financial Times reports Jim O’Neil is set to be announced as RBS’s corporate broker and privatisation adviser later this month.

O’Neil previously ran UK Financial Investments, which manages the Government’s banking stakes following the financial crisis.

He joined Bank of America Merrill Lynch last year as global head of financial institutions.

In his Mansion House speech earlier this week, Chancellor George Osborne said the sale of the Government’s 80 per cent stake in RBS will begin in the coming months.

But analysts have said the sale represents a challenge, given that RBS has reported seven years of losses since it was bailed out.