RBS tipped to appoint McKillop

ROYAL Bank of Scotland is tipped to appoint veteran Scottish pharmaceuticals boss Sir Tom McKillop as its next chairman at the group's half-year results in August.

Sources in Scotland believe the AstraZeneca chief executive would help advance the global ambitions of RBS supremo Sir Fred 'The Shred' Goodwin, particularly in America and China.

Speculation grew at the weekend that AZ was lining up its American operations chief, David Brennan, as McKillop's successor at the drugs giant.

An announcement could be timed to coincide with AZ's interims on 28 July, just days before RBS reports figures on 4 August.

Drugs analysts said that McKillop had failed to deliver on his promises to outperform the group's peers.

Last year was disastrous for the company as two blockbuster drugs failed to make it to market. Banking sources said that McKillop's succession to retiring chairman Sir George Mathewson was one 'well-connected Scot' replacing another.

McKillop, the son of a coal miner, started his career with ICI in 1968, where he eventually became head of drug research. He led the Zeneca spin-off from ICI in 1993 and joined it with Astra in 1999.

Shares in RBS closed down 21p at 1696p, while AZ slipped 26p to 2225p. AZ and RBS both declined to comment.