The Royal Bank of Scotland Group plc’s chairman Sir Philip Hampton is to leave the company during 2015 after a suitable successor is appointed.

Hampton has served as chairman since February 2009 and RBS says his departure will be in line with his longstanding intention to serve in the role for between five and seven years.

Hampton will be appointed to the board of GlaxoSmithKline plc as a Non executive Director with effect from 1 January 2015 and will assume the role of chairman from 1 September.

Hampton said: “It has been a privilege to serve as chairman of RBS since 2009. I am looking forward to working with my colleagues in the months ahead as we work to implement the bank’s strategy and continue to improve the support we provide to our customers.”