Business World

Monday 19 August 2019

RBS boss McEwan to take the helm at NAB

RBS CEO Ross McEwan. Photo: Gerry Mooney
RBS CEO Ross McEwan. Photo: Gerry Mooney

Simon Neville

The outgoing CEO of Royal Bank of Scotland has been unveiled as the next boss of the National Australia Bank.

Ross McEwan, who was responsible for turning a profit at the UK state-backed bank for the first time since the financial crisis, will join NAB once a successor for his current role is found.

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Congratulations: RBS chairman Howard Davies
Congratulations: RBS chairman Howard Davies

RBS chairman Howard Davies 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's departure will be confirmed in due course."

Mr McEwan won plaudits for his stewardship of the bank, which is still 62pc owned by the taxpayer following a £45bn (€50bn) bailout in 2008, after completing one of the largest restructurings in UK corporate history. During his time at the helm, he slimmed down the bank, turned its focus primarily on the UK and attempted to move on from the financial crisis by settling any outstanding regulator investigations.

This led to the bank finally turning a profit in 2017, and extending profits to £1.62bn a year later. His new job will not be dissimilar, in terms of the task, with NAB facing its own scandal in recent months.

The 62-year-old New Zealander is replacing Andrew Thorburn at NAB, who resigned in February following heavy criticism of his leadership and a public inquiry into misconduct throughout the finance industry.

PA Media

Irish Independent

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