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RBS CEO Ross McEwan to run National Australia Bank

By Sean Farrell

Date: Friday 19 Jul 2019

RBS CEO Ross McEwan to run National Australia Bank

(Sharecast News) - Royal Bank of Scotland's departing chief executive, Ross McEwan, has been appointed to run National Australia Bank as the Australian lender seeks to rebuild its reputation.
McEwan, who announced his intention to leave in April, has a 12-month notice period and will stay at RBS until he hands over to his replacement.

RBS is looking for McEwan's successor following his decision to stand down after more than five years leading the taxpayer-backed bank. At RBS he cut costs to return the bank to profit and cleared up various regulatory cases but his tenure was marred by sometimes clumsy handling of a scandal surrounding RBS's treatment of business customers after the financial crisis.

Howard Davies, RBS's chairman, said: "We note today's announcement that Ross will take over as CEO of National Australia Bank and congratulate him on this appointment. The search for a successor remains ongoing and the effective date of Ross' departure will be confirmed in due course."

McEwan joined RBS in 2012 as head of retail banking and was promoted to CEO the next year. The New Zealander previously ran retail banking at NAB's rival Commonwealth Bank of Australia.

At NAB his job will be to revive the bank's standing with customers, regulators and politicians after allegations of potential criminal misconduct in its treatment of customers. The scandal forced out NAB's previous CEO Andrew Thorburn, prompting speculation that McEwan was being lined up for the job.

NAB's chairman-elect Philip Chronican said: "Ross brings a compelling range of experience across finance, insurance and investment with a track record of delivering important and practical improvements for customers. RBS has been through many of the same challenges which NAB now faces around culture, trust and reputation."


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