Hoffman rules out NBNK revival to bid for RBS branches "With NBNK we wanted to create a challenger bank to re-shape the UK retail market," he said. The RBS branches could have fitted with the [Lloyds branches] but as a predominantly business network, it's not what we wanted. He said his contract was signed and added: "I have committed to Hastings and I'm energised and focused on that." Mr Hoffman, who takes the helm at Hastings on November 1, is expected to lead the fast-growing insurance business to a stockmarket flotation. Hastings, which owns insurance brands including Hastings Direct, Insure and Likewise, posted pre-tax profits of £31m last year - up from £19m the year before. Mr Hoffman said: "Since the management buyout in 2009, Edward Fitzmaurice and his team have done an exceptional job in returning the Group to profitability and building the business. There is now a great platform to build upon with Hastings people dedicated to providing the right value and service to customers in a market that doesn't always do that. Before taking the helm of NBNK in 2010, Mr Hoffman was chief executive of Northern Rock from 2008. He is credited with steering the lender through nationalisation and its restructuring. He spent 25 years at Barclays, including as boss of Barclaycard.