Page last updated at 06:28 GMT, Friday, 22 May 2009 07:28 UK

Standard Life chief to join RBS

Sandy Crombie
Sandy Crombie brings with him 42 years of experience at Standard Life

The chief executive of Standard Life has been handed a key role with Royal Bank of Scotland.

Sir Sandy Crombie is to join RBS as an independent director in June to liaise between the bank and its biggest shareholders, the major institutions.

Sir Sandy announced in March he will step down from Standard Life later this year when a successor is selected.

His appointment is part of the continuing shake-up at the bank, which is 70% owned by the taxpayer.

Philip Hampton, chairman of RBS, said: "I am very pleased that Sir Sandy Crombie has agreed to join our board and to undertake the important role of senior independent director.

"Sandy has a deep understanding of insurance and financial services, having held a number of senior executive positions during his career at Standard Life, which he led successfully through its stock market flotation in 2006.

"We are also fortunate that he will bring to the role of Senior Independent Director his extensive experience of, and engagement with, institutional shareholders, government and regulators."

Distinguished career

Sir Sandy, who is 60 and has been with Standard Life for 42 years, is regarded as canny and shrewd.

He received a knighthood for services to insurance in the 2009 New Year Honours.

After joining Standard Life as a trainee actuary, he held a number of positions with the company between 1966 and 1998.

In 1998, he was appointed chief executive of Standard Life Investments when it was launched.

In 2002, he became deputy group chief executive and he was appointed group chief executive in 2004.

He is a director of the Association of British Insurers and is also a member of the chancellor of the exchequer's High Level Group, formed in 2006 to develop and support London as the leading financial centre.

He also sits on the chancellor's Insurance Industry Working Group.

He is also chairman of the Edinburgh Unesco City of Literature Trust and vice chairman of the board of governors of the Royal Scottish Academy of Music and Drama.

In 2007, he was the Prince of Wales ambassador for corporate social responsibility in Scotland.

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