The Royal Bank of Scotland plc (RBS) has appointed Ernfred Olsen as country executive & head of global banking & markets (GBM) in Japan. This appointment comes as RBS continues to strengthen the bank’s business in the country.

 

Olsen will have the responsibility for a broad range of activities in Japan, subject to regulatory approvals, for both The Royal Bank of Scotland Securities Japan (RBSSJ) and RBS Tokyo branch, as well as overall country management for these two entities. He reports jointly to John Mullins, head of banking, Asia-Pacific, and Pierre Ferland, head of markets, Asia-Pacific.

 

Olsen succeeds Lee Knight, formerly head of GBM in Japan, who recently relocated to take up the role of head of markets, Singapore.

 

Commenting on the new appointment, Mullins said: “Olsen is a key hire for RBS in the region. He brings with him a wealth of experience in Japan’s financial markets and a strong track record of delivering tailored solutions across a wide range of products to clients in the country.”

 

Ferland added: “As one of RBS’s global trading hubs, Japan is an important market for us and Olsen will be a key addition as we build the business in the country. His skills and experience and broad mandate will help to strengthen the bank in Japan and deepen our relationships with our client base.”

 

Olsen began his career with Chase Manhattan Bank in 1981, spending time in the banking and securities businesses in New York and Tokyo, before moving to Bank of America. While at Bank of America, he merged the corporate and investment banking businesses in Japan and oversaw the coverage and product teams. He established and ran the Japan office for financial security assurance and was general Manager of Shinsei Bank from 2000 to 2005. More recently, he founded New City Mortgage, a residential mortgage lending platform in Japan.

 

Other appointments include: Ryusuke Otani becomes the representative in Japan and chief executive officer of RBSSJ in addition to his current role as representative in Japan and chief operations officer. Toby Taniguchi becomes head of markets, Japan and president of RBSSJ, in addition to his current role as head of GBM sales, Japan.