A key player in Royal Bank of Scotland’s restructuring effort has been snapped up by rival banking group Lloyds, it was confirmed today.

Nathan Bostock was named head of restructuring and risk at RBS in one of chief executive Stephen Hester’s first appointments in February 2009.

The former chief financial officer at Abbey National and Alliance & Leicester is currently responsible for overseeing the disposal of assets in the group’s non-core division. He will stay at RBS until at least February before becoming chief executive of wholesale banking at Lloyds at a date to be agreed.

The role is currently held by Truett Tate, who will now take on responsibility for the group’s corporate client coverage.

Referring to Mr Bostock’s appointment, Lloyds chief executive Antonio Horta-Osorio said: "His vast experience in wholesale markets and deep understanding of risk management uniquely qualify him for this role."