Begbie took over as interim chief executive of the UK investment bank in December, with Chris Marks stepping down from the post.
At that point Robert Horrocks, who was treasury finance director at the parent entity Royal Bank of Scotland, was made interim CFO at NatWest Markets. He replaced Richard Place, who also stepped down.
But Horrocks is not taking on that position permanently. Instead, King will start at some point this summer. King left his job last year as CEO at MUFG Securities EMEA.
Royal Bank of Scotland also said on Thursday that Donal Quaid will become permanent group treasurer. Begbie used to hold this position until December, when Quaid took it over on an interim basis.
Alison Rose, who became chief executive of RBS in November, revealed plans in February to strip back NatWest Markets. The firm said that the investment bank’s risk-weighted assets would be halved, with the rates business in particular taking a hit. NatWest Markets has pushed ahead with job cuts during the subsequent coronavirus crisis.
Rose said on Thursday: “When I took over as CEO, refocusing NatWest Markets was one of my top priorities, and our work here is well underway to deliver against the strategy set out in February.
“These appointments will allow us to continue the transformation and refocusing process across NatWest Markets that we announced in February and establish a business that delivers even greater benefits for our bank and our customers.”
Begbie added: “We have made considerable progress in refocussing the business following the strategic announcement in February and we will continue to build upon this during the medium term.”