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| RBS chairman Sir Philip Hampton to join GlaxoSmithKline | RBS chairman Sir Philip Hampton to join GlaxoSmithKline |
| (about 1 hour later) | |
| Royal Bank of Scotland (RBS) chairman Sir Philip Hampton is to leave the bank to become GlaxoSmithKline's chairman. | Royal Bank of Scotland (RBS) chairman Sir Philip Hampton is to leave the bank to become GlaxoSmithKline's chairman. |
| Sir Philip will take up the post at the UK pharmaceutical company in September next year. | |
| He joins at a tough time for GlaxoSmithKline, which was fined $490m (£297m) in China last week over bribery charges. | He joins at a tough time for GlaxoSmithKline, which was fined $490m (£297m) in China last week over bribery charges. |
| Sir Philip took the helm of RBS, which is 80% owned by the taxpayer, at the height of the financial crisis. | Sir Philip took the helm of RBS, which is 80% owned by the taxpayer, at the height of the financial crisis. |
| In a statement, he said: "It has been a privilege to serve as chairman of RBS since 2009. | In a statement, he said: "It has been a privilege to serve as chairman of RBS since 2009. |
| "I am looking forward to working with my colleagues in the months ahead as we work to implement the bank's strategy and continue to improve the support we provide to our customers." | "I am looking forward to working with my colleagues in the months ahead as we work to implement the bank's strategy and continue to improve the support we provide to our customers." |
| Last week, GSK was found guilty by a Chinese court of paying doctors and hospitals to promote its products. | Last week, GSK was found guilty by a Chinese court of paying doctors and hospitals to promote its products. |
| The court gave GSK's former head of Chinese operations, Mark Reilly, a suspended three-year prison sentence and he is set to be deported. | The court gave GSK's former head of Chinese operations, Mark Reilly, a suspended three-year prison sentence and he is set to be deported. |
| Four other GSK staff were also given suspended sentences. | Four other GSK staff were also given suspended sentences. |
| Before RBS, Sir Philip had been finance director at Lloyds TSB, BT, British Gas and British Steel. | Before RBS, Sir Philip had been finance director at Lloyds TSB, BT, British Gas and British Steel. |
| He is also a former chairman of UK Financial Investments, which manages the UK Government's shareholdings in banks. | He is also a former chairman of UK Financial Investments, which manages the UK Government's shareholdings in banks. |