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RBS likely to appoint Ross McEwan as new CEO

The appointment needs approval of Prudential Regulation Authority.

The Royal Bank of Scotland Group (RBS), which is 82 per cent state-owned, is said to be in discussions with officials of the Bank of England to appoint Ross McEwan as its new CEO.

McEwan, a New Zealander best known as retail banking expert, joined the bank as head of its retail arm in August 2012. He is likely to replace Stephen Hester, who resigned in June.

Hester was appointed in 2008 to improve the financial prospects of the bank.

Prior to joining RBS, McEwan led the retail banking arm at Commonwealth Bank of Australia.

RBS has reportedly come to a conclusion to appoint McEwan, after perusal of Blackrock’s Mark McCombe last week, reported the Financial Times.

The appointment needs approval of the Prudential Regulation Authority, which is part of the Bank of England. It is expected to be officially announced on Friday, when the bank will present its half-yearly results.