The Royal Bank of Scotland’s group director of property has left the company for undisclosed reasons, as the bank mulls a wide-ranging review of its property strategy

Barry Varcoe, who is also head of CoreNet Global, the body for asset managers, left RBS in the past fortnight.

A spokesperson for the bank confirmed the move, but would not discuss the reasons for the shift. He said: “We can confirm Varcoe left on 30 September.”

As property director, Varcoe had been in charge of the bank’s portfolio of offices and branches, as well as new projects. RBS has been talking to consultants about a radical review of its property strategy, which could lead to it outsourcing some of the work.

A source said: “They’ve looked at what’s possible, but it seems they’re going to tone it down.”