Philip Hampton, who has been chairman of Royal Bank of Scotland since 2009, is to leave the bank next year for the same role at GlaxoSmithKline. 

He will take over from former Vodafone boss Christopher Gent, who has been at the helm of the pharmaceuticals giant since the start of 2005. 

RBS, which is 80% taxpayer owned, said Mr Hampton will leave the company during 2015 after a suitable successor has been appointed to replace him. 

Glaxo said Hampton, who is a former chairman of Sainsbury's, will join its board at the start of January and will become its chairman from September.