View more on these topics

RBS retail head tipped to become chief exec

UK-Currency-Money-Coins-with-pound-sign-700x450.jpg

Royal Bank of Scotland retail banking head Ross McEwan has been suggested as frontrunner to replace outgoing group chief executive Stephen Hester at the state-banked bank.

The Sunday Telegraph reports McEwan has emerged as the leading candidate after a six week search process.

The appointment will be subject to approval from the RBS board, UK Financial Investments, which manages the Governement’s 81 per cent stake in the bank, the Prudential Regulation Authority and the Financial Conduct Authority.

The newspaper says an announcement on Hester’s replacement could come as early as Friday as part of the bank’s half-year results, though it is more likely the appointment will take several weeks.

McEwan joined RBS as chief executive of its UK retail business last August, and before that ran the retail banking arm at the Commonwealth Bank of Australia for five years.

RBS finance director Bruce van Saun is also reported to be in the running for the top job.

Hester announced last month he was stepping down from the chief executive role, as he could not commit to staying on at the helm once the bank has returned to the private sector.

He will continue as RBS chief executive until December, leaving with a pay package of £1.6m plus a pay award that was valued at £3m as at 12 June.

RBS declined to comment.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There is one comment at the moment, we would love to hear your opinion too.

  1. If correct, Mr McEwan seems like a wise choice having been recruited from an Australian bank in 2012 and with no links to the disgraced Fred Goodwin and his regime.

Leave a comment

Close

Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm

Email: customerservices@moneymarketing.com