Royal Bank of Scotland has promoted Paul Sullivan to succeed Stephen Eighteen as head of non-core real estate when he leaves the bank in the final quarter of this year.
Sullivan is currently head of leveraged and structured finance in RBS’s non-core division.
In the new role he will report into Rory Cullinan, head of the bank’s multi-sector non-core division.
Eighteen, who has been with the bank for 12 years, has been instrumental in managing RBS’s real estate deleveraging, which began in 2009.
His team has reduced the non-core real estate book by £16.5bn to £30.4bn in two and a quarter years through loan maturities, restructurings, enforcements and loan sales.
bridget.o’connell@estatesgazette.com
