RBS confirms McEwan for top job
New Zealander tasked with putting the lender back in shape for a sale to return taxpayer funds
New Zealander Ross McEwan was confirmed as boss of Royal Bank of Scotland yesterday and immediately tasked with recovering British taxpayers' cash from one of the biggest casualties of the credit crunch.
McEwan, 56, whose promotion comes less than a year after he arrived to run RBS' retail arm, will take over in October.
He had been widely tipped to get the job after predecessor Stephen Hester was ousted by the government in June and will have the job of completing RBS' restructuring, ensuring its shares rise above the government's break-even price so the stake can be sold.
Finance minister George Osborne welcomed the appointment, saying McEwan had impressed with his vision of RBS "as a strong, UK-centred corporate bank", focused on supporting the British economy.
"I think he'll provide the leadership RBS needs as the bank puts the mistakes of the past behind it, and the government seeks to get the best value for the taxpayer from the money the last government put into the bank," Osborne said.
McEwan was appointed as RBS said it made a pre-tax profit of £1.4 billion (HK$16.4 billion) in the six months to the end of June, compared with a loss of £1.7 billion in the first half of last year.
