Royal Bank of Scotland has raided Old Mutual to fill the newly created role of director of finance.

Katie Murray, currently group finance director at Old Mutual Emerging Markets in Johannesburg, South Africa, is to replace retiring financial controller Rajan Kapoor.

Ms Murray will report directly to RBS chief financial officer Ewen Stevenson.

Mr Stevenson said: “I am delighted to have someone of Katie’s calibre appointed to this important role. She will be an excellent addition to my management team and I look forward to working with her.”

He also paid tribute to Mr Kapoor who has been with the bank for 27 years.

Mr Stevenson added: “Rajan is a highly valued and respected colleague and his wisdom, knowledge and insight have been invaluable to myself and all those who have worked with him.”