“I started my career with Royal Bank of Scotland in the Musselburgh branch almost five decades ago, so it is a real privilege to take on this role” – Robert Begbie
Robert Begbie, who has spent almost five decades with the banking giant, having started his career at the age of 16 in the Musselburgh RBS branch. will take up the role from the start of January.
The bank, part of NatWest Group, said the newly created role reflected the “strategic importance of Scotland to the group” and comes as Royal Bank of Scotland prepares to mark its 300th anniversary. Begbie will provide senior leadership for the bank in Scotland, helping bring together activity across the group, “deepen relationships with customers, government and stakeholders”, and support the delivery of a Scotland strategy “focused on growth, investment and long-term prosperity”.
The bank’s new executive chair for Scotland had led its commercial and institutional (C&I) division through a period of “strong performance and strategic progress”, helping strengthen NatWest Group’s position north of the Border and the UK’s biggest bank for business. In his new role, he will continue to support the C&I franchise as senior advisor.
As executive chair, Scotland, Begbie will work with leaders across Royal Bank of Scotland to support the delivery of its business plans and raise the profile of the bank with its two million retail and 110,000 business customers, stakeholders, and the wider public.
He said: “Scotland matters a great deal to me and to the bank. I started my career with Royal Bank of Scotland in the Musselburgh branch almost five decades ago, so it is a real privilege to take on this role as we look ahead to the bank’s 300th anniversary.
“Scotland has enormous ambition and opportunity. Whether it is supporting entrepreneurs and small and medium-sized enterprises (SMEs), helping mid-market firms grow, backing investment in infrastructure and energy, or strengthening communities, Royal Bank of Scotland has an important role to play.
“I am looking forward to working with colleagues, customers, government and partners across Scotland to build on our long-standing contribution and support the next chapter of growth,” he added.
Paul Thwaite, group chief executive of NatWest, said: “Scotland has always been central to the story of Royal Bank of Scotland and to NatWest Group today. As we approach the bank’s 300th anniversary, Robert’s appointment reflects both the importance of Scotland to our future and our ambition to play an active role in supporting growth across the country.
“Robert brings deep experience, strong relationships and a personal connection to Scotland that few people can match. He has made an outstanding contribution to the bank over many years, and I am pleased he will continue to play such an important role for NatWest Group, our customers and colleagues,” he added.
Speaking to The Scotsman earlier this year about the group’s business banking priorities, and the announcement that it is to “turbocharge” its Accelerator hub programme for Scottish entrepreneurs, Begbie insisted the bank was “in a good place”. He said the bank’s strong financial performance allowed it to develop and push its growth agenda with customers.
This summer saw NatWest Group post an operating pre-tax profit of £4.3 billion for the six months to the end of June, up 20 per cent on the same period in 2025 and ahead of the £4.1bn that most analysts had been expecting.
Income generated by NatWest jumped by 11 per cent year on year, driven by growth across its retail, commercial and wealth management arms. Meanwhile, it reduced its cost-to-income ratio - meaning the amount it spends on running the business as a percentage of what it generates in income - by 2.8 percentage points year-on-year. This was helped by around £250 million worth of gross cost savings over the first half.
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Royal Bank of Scotland was founded in 1727 and will mark its 300th anniversary next year. The bank said the milestone would provide an opportunity to celebrate its heritage, recognise the contribution of colleagues and customers, and “look ahead to how the bank can continue helping people, families and businesses in Scotland to thrive”.
Meanwhile, NatWest Group said Isabelle Girolami, currently head of corporate and institutional banking (CIB), would become chief executive of commercial and institutional (C&I) and join the group executive committee from January 1, subject to regulatory approval.
Jonathan Peberdy, current chief executive of NatWest Markets, will become head of CIB ring-fenced bank (RFB). Peberdy will be succeeded by Walid Assaf as the new chief executive of markets, subject to regulatory approval. Assaf is joining NatWest from Crédit Agricole CIB, where he led global markets trading, and has 30 years of experience leading trading, franchise development and risk management across Europe, the Americas and Asia.
Thwaite said: “We have a leading commercial and institutional franchise that is delivering excellent outcomes for customers, making significant progress against its strategic ambitions and is well positioned for future growth. Isabelle, Jonathan and Walid’s appointments will build on the strong foundations already in place as we move into the next phase of growth for our customers, colleagues and shareholders.”
Girolami added: “It will be a privilege to lead our commercial and institutional franchise, supporting customers and businesses of all sizes, from start-ups to large corporates and multinationals. As the UK’s biggest bank for business, we have an important role to play in supporting growth and I’m looking forward to building on the momentum and realising the significant opportunities ahead.”