Royal Bank of Scotland (RBS) is set to name Sir Howard Davies, an economist and head of the UK government’s Airports Commission, as its new chairman.

Davies is expected to join the bank in mid-2015, and an announcement is expected as early as this week, The Financial Times has reported.

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Davies will succeed Sir Philip Hampton, who will now chair pharmaceuticals giant GlaxoSmithKline.

Davies formerly also headed the City watchdog and currently serves as the chairman of insurance firm Phoenix.

Davies also sat on the board of Morgan Stanley, and formerly served on the advisory board of RBS unit NatWest.

Further, he chaired the Financial Services Authority between 1997 and 2003, prior to taking the helm at the London School of Economics and Political Science until 2011.

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Davies resigned from his LSE post after admitting errors of judgment related to the university’s links with Libya as well as the Gaddafi regime.