Former Savills boss Aubrey Adams, 61, has been appointed head of property in Royal Bank of Scotland’s global restructuring arm.
His responsibilities will include overseeing West Register, the property management arm set up by the bank to acquire its repossessed properties, saving the bank from having to sell distressed properties at what could be a knock-down price on the open market.
RBS, 83% owned by the British taxpayer, has been trying to get rid of its more troublesome property exposures.
These are about half of the £87.3bn exposure in property RBS reported last year.
Adams was the CEO at Savills from 1991 to 2008. Over his 17 years’ tenure, he turned it into Britain’s most successful estate agent, transforming it from a loss-making country house sales specialist into a global property group making recent half-year profits of over £31m.
He announced he would be standing down in 2007, timing his departure just as the property market was diving.
Adams starts his new role at RBS on November 1.
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Comments
'West Register' looks like a disaster waiting to happen. Perhaps that's the idea.