Retail banking head McEwan favourite for RBS top 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.
New Zealand-born 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.
An RBS spokesman declined to comment.
Frequently Asked Questions about this Article…
Ross McEwan is the retail banking head of the Royal Bank of Scotland and a New Zealand–born banker who previously ran Commonwealth Bank’s retail arm for five years. After a six-week search he is the leading candidate to be named chief executive of the state-backed RBS.
Mr McEwan’s name is expected to be put forward into a four-stage appointment process that could see him anointed as early as this week, though the process is complex and a final decision is likely to be weeks away.
The appointment needs approval from RBS’s board, UK Financial Investments (which manages the British government’s 81% stake), the Prudential Regulatory Authority and the Financial Conduct Authority.
The other internal candidate thought to be in the race is Bruce van Saun, RBS’s finance director. The article also says there was at least one external candidate in the running until recently, but senior board members were said to be coalescing around McEwan.
Yes — the earliest an announcement could come is alongside RBS’s half‑year results on Friday, but the article notes the final decision may still take weeks because of the process’s complexities.
McEwan ran Commonwealth Bank’s retail banking arm for five years and was a top‑ranked CBA executive; that retail banking experience is a key part of why he is a leading candidate for the RBS top job.
Stephen Hester resigned in June after pressure from the British Treasury amid concerns about the direction of the bank and his strategy for RBS’s investment banking arm.
UK Financial Investments manages the British government’s 81% ownership stake in RBS and must approve any appointment to the chief executive position as part of the formal approval process.
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