RBS will reportedly appoint Howard Davies as its next chairman

He will replace Philip Hampton

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The Independent Online

Royal Bank of Scotland is set to appoint Howard Davies as its next chairman, replacing Philip Hampton, the Financial Times reported on Monday, citing three people familiar with the bank's plans.

Davies, a former head of the Financial Services Authority, is expected to take up the role over the summer and an announcement could come this week, the FT reported.

RBS had previously announced that Hampton would step down this year. He is due to become chairman of drugmaker GlaxoSmithKline.

RBS declined to comment.