Credit Suisse's chief executive for its British arm James Leigh-Pemberton would be appointed as the new head of UK Financial Investments (UKFI) on Monday. This was according to an internal memo issued by Credit Suisse and seen by Reuters. The appointment came just as UKFI had prepared to sell part of Britain's 39% stake in Lloyds.

Leigh-Pemberton was a member of the team of bankers that advised Britain's Treasury on the recapitalization of RBS and Lloyds. He was also the grandson of Bank of England's governor who served the financial firm for a decade from 1983. The proposed recapitalization of Lloyds and RBS was after the Government gave GBP66 billion into both lenders. The move was to keep both Lloyds and RBS afloat during the 2008 global financial crisis.

Business Secretary Vince Cable said in a newspaper report last month that RBS was unlikely to get privatized before 2018. Britain would conclude this autumn its review of whether RBS should be split up. The government owns 81% in RBS. 

Business Secretary Vince Cable told a newspaper last month that RBS, in which Britain owns an

Both UKFI and Leigh-Pemberton were not available to comment late on Sunday.