Wellington, Sept 4 NZPA - The ABN Amro businesses in New Zealand have a new boss in Australia after owner Royal Bank of Scotland Group failed to sell the business.

RBS said Stephen Williams has been appointed as head of global banking and markets Australia and New Zealand.

Mr Williams was the managing director for RBS Australia and got the nod to lead the business being created by the integration of RBS and ABN Amro Australia and New Zealand.

Angus James, chief executive of ABN Amro Australia and New Zealand, will step down.

RBS said Simon Allen, the manager of the New Zealand ABN Amro business, had agreed to continue in his existing role.

The ABN Amro businesses in New Zealand consist of an investment bank operation run by Mr Allen and a 50 percent share in broker ABN Amro Craigs.

Last month Commonwealth Bank of Australia pulled out of a deal to buy ABN Amro's Australian and New Zealand business citing difficulty in getting funding.

RBS and partners Banco Santander SA of Spain and Fortis of Belgium outbid Barclays last year for Amsterdam-based ABN Amro to complete the biggest banking acquisition in history. They have since been trying to sell some of the assets purchased.

John McCormick, chief executive, global banking and markets for RBS in Asia Pacific, said that inevitably the integration of the business resulted in tough choices being made.

"I would like to thank Angus for the significant commitment he has shown over the past year as we reviewed the options for our combined businesses going forward."

The integration into RBS Australia will occur in early next year after regulatory approvals are received.

Further appointments will be made to complete the senior management team for the new combined business.

"Until then, senior management teams for ABN Amro and RBS in Australia and New Zealand remain in situ," RBS said.

Separately stock market operator NZX today confirmed that Auckland mergers and acquisitions lawyer Andrew Harmos is replacing Mr Allen as its chairman.

NZPA WGT pjg nb