RBS set to appoint McEwan as new chief exec – reports

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The Royal Bank of Scotland is set to choose head of retail Ross McEwan to replace Stephen Hester as its next chief executive, according to reports. 

The FT reports RBS could officially announce the New Zealander’s appointment alongside the publication of its half-year results tomorrow.

McEwan, whose appointment is still subject to regulatory approval from the Bank of England, took over RBS retail last August from Commonwealth Bank of Australia where he spent five years as group executive for retail.

Ross has worked in the insurance and investment industries in Australia and New Zealand for more than 25 years.

He spent 18 years in senior executive roles including managing director of stockbroking business First NZ Capital Securities and chief executive of National Mutual Life Association of Australasia Ltd/AXA New Zealand.

Hester was believed to be forced out by the Treasury last month after he could not make a long-term commitment to lead privatisation.

The Treasury is currently undertaking a study into the benefits of splitting RBS into a good bank and bad bank in a bid to boost its lending capacity.