After four years at real estate group British Land, Stephen Hester’s return to the banking sector to replace Sir Fred Goodwin as RBS‘s chief executive, came as little surprise to many in the City who always saw him as a banker first, and property professional a distant second.

Mr Hester’s appointment at British Land in 2004 was regarded as an unusual choice, following a career as a financier at Credit Suisse then Abbey National, where he departed as chief operating officer.