Kiwi at the helm of RBS
The Royal Bank of Scotland has chosen a New Zealander as its new boss.
The Royal Bank of Scotland has chosen a New Zealander as its new boss.
Ross McEwan was yesterday elected by the RBS board to be the international bank’s new chief executive, replacing Stephen Hester, the BBC is reporting.
The 56-year-old has been the head of retail banking at the semi-nationalised, Edinburg-headquartered bank since last year.
His appointment is expected to be announced later today, the BBC reports.
Mr McEwan was previously group executive for retail banking services at ASB’s parent bank, Commonwealth Bank of Australia, and reported by a colleague to be “lanky, confident and outspoken”.
With a background in retail banking, rather than the institutional experience of his predecessor, Mr McEwan’s appointment is being seen as the sign of the times, indicating priorities of the RBS, which has been shrinking its investment bank.
RBS has more than 30 million customers across the UK, Europe, the Middle East, Americas and Asia.
Mr McEwan began his banking career in insurance and worked in the insurance and investment industries in Australia and New Zealand for more than 25 years.
He was the managing director of stockbroking business First NZ Capital Securities and chief executive of National Mutual Life Association of Australasia /AXA New Zealand before joining Commonwealth Bank of Australia
RBS Group is listed on the London Stock Exchange and New York Stock Exchange.
It was very briefly, before the global financial crisis, the largest bank in the world by assets. But it was forced into effective nationalization following its failure and rapid slump to the largest annual loss in UK corporate history of £24.1 billion in 2008.
The UK government currently holds an 82% stake.
Former chief executive Fred Goodwin had his knighthood – awarded for services to banking – annulled last year after the then UK Financial Services Authority found the bank’s failure had an important role in the financial crisis of 2008-09.
Georgina Bond
Fri, 02 Aug 2013
Fri, 02 Aug 2013
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Kiwi at the helm of RBS
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