McEwan favourite for RBS job
Mr McEwan, the former top-ranked Commonwealth Bank executive who has been in his RBS job only since August, is the leading candidate following a six-week search. It is believed his name will this week be put forward to a four-stage process which could see him anointed as early as this week.
While at CBA, Mr McEwan was interviewed for the top job which eventually went to Ian Narev.
Mr McEwan ran CBA's retail banking arm for five years.
The RBS appointment process requires the approval of its board, UK Financial Investments, which manages the British government's 81 per cent stake in the bank, and both the Prudential Regulatory Authority and the Financial Conduct Authority.
At the earliest, an announcement could come alongside RBS's half-year results on Friday.
However, due to the complexities of the process a final decision is likely to be weeks away.
There can be no guarantee at this stage that Mr McEwan will eventually be offered the job.
The other candidate is thought to be Bruce van Saun, the bank's finance director, and there is thought to have been at least one external candidate in the race until recently.
Although the situation has been fluid, sources indicated that senior board members were now coalescing around Mr McEwan as the preferred choice.
Former chief executive Stephen Hester resigned in June following pressure from the British Treasury over his tenure, amid concerns about the direction of the bank and his strategy for its investment banking arm.
New Zealand-born Mr McEwan became chief executive for RBS's British retail business last August.
An RBS spokesman declined to comment. London Telegraph
Frequently Asked Questions about this Article…
Ross McEwan is RBS’s head of retail banking and a New Zealand–born executive who became chief executive of RBS’s British retail business last August. He’s a former top-ranked Commonwealth Bank (CBA) executive who ran CBA’s retail banking arm for five years. After a six-week search he’s emerged as the leading candidate to be named RBS chief executive.
The appointment goes through a four-stage process and requires approval from RBS’s board, UK Financial Investments (which manages the British government’s 81% stake), the Prudential Regulation Authority and the Financial Conduct Authority before it can be finalised.
An announcement could come as early as alongside RBS’s half‑year results on Friday, but because the approval process is complex a final decision is more likely to be weeks away.
The other internal candidate thought to be in the running is Bruce van Saun, RBS’s finance director. There was also at least one external candidate in the race until recently.
Yes. McEwan ran CBA’s retail banking arm for five years, was interviewed for the CBA top job previously, and has been leading RBS’s British retail business since last August — experience that has helped make him a leading candidate.
Yes. The British government owns an 81% stake in RBS that is managed by UK Financial Investments, and UKFI must approve any CEO appointment as part of the formal process.
Former chief executive Stephen Hester resigned in June after pressure from the British Treasury amid concerns about the bank’s direction and his strategy for its investment banking arm.
While senior board members are reported to be coalescing around McEwan and he is the leading candidate, there is no guarantee yet — his name still has to pass the formal approval process and a final decision could be weeks away.
Call 1300 880 160
Start a chat
Schedule a call
