The government took stakes in RBS and Lloyds during the financial crisis
UK Financial Investments, the Treasury unit that manages the government's stakes in Royal Bank of Scotland and Lloyds Banking Group, is to have a new chief executive.
James Leigh-Pemberton, son of former Bank of England governor Robin Leigh-Pemberton, will take up the post.
He will be the fourth head of UKFI since it was created in 2009.
The appointment is due to be announced officially by the government on Monday and will take effect next month.
Mr Leigh-Pemberton is currently the UK head of Credit Suisse. He will replace Jim O'Neil, who announced in April that he was stepping down.
Mr O'Neil is taking a job with the US investment banking giant, Bank of America Merrill Lynch.
UKFI was set up after Royal Bank of Scotland and Lloyds were bailed out with £66bn ($101bn) of taxpayers' money during the 2008 financial crisis.
The government owns 81% of Royal Bank of Scotland and a 39% stake in Lloyds.
Source: BBC News - Business http://www.bbc.co.uk/news/business-24103969#sa-ns_mchannel=rss&ns_source=PublicRSS20-sa
