Friday 15 November 2019

RBS to poach Credit Suisse banker as finance chief

One of the architects of the bailout of Royal Bank of Scotland during the financial crisis is close to being hired as the UK government-backed lender's new finance director, according to media reports

RBS is expected to poach Ewen Stevenson from Credit Suisse, media including Sky News reported, citing unidentified insiders.

Stevenson is co-head of Credit Suisse's investment bank in Europe, the Middle East and Africa and has long advised many of the region's top banks and insurers. He also worked on Britain's £45bn (€51bn) rescue of RBS in 2008.

RBS and Credit Suisse both declined to comment and Stevenson could not immediately be reached.

RBS announced in December Nathan Bostock had quit as finance director to join rival Santander.

RBS is expected to announce his replacement in the next month, one person familiar with the matter said.

Appointing Stevenson would add a second New Zealander to its top executive ranks alongside Ross McEwan, who took over as chief executive six months ago.

McEwan is tasked with continuing the turnaround of RBS to get it in shape for Britain to start selling its 81pc stake in the bank, but bankers and analysts say that could take at least three more years.

Stevenson's former Credit Suisse colleague, James Leigh-Pemberton, now runs UK Financial Investments, the body that manages the state's stake in the bank.

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