Royal Bank of Scotland confirmed this morning that Alison Rose has been appointed as the firm’s first female chief executive.
Rose, who is currently deputy chief executive of Natwest and the boss of the bank’s commercial arm, is replacing Ross McEwan at the helm of the company.
Starting on 1 November, she will take up the position as chief executive and executive director on the boards of RBS, Natwest, National Westminster Bank and Ulster Bank.
Her salary will be £1.1m, with a fixed share allowance of the same amount and benefits of £26,250.
In a statement this morning, Rose said: “It is a huge honour to have been appointed as the new CEO of RBS and I am looking forward to getting started. As one of the oldest and most important financial institutions in the UK, we have a key role to play in supporting the economy and championing the potential that exists across the country.”
Over the last three decades Rose has risen up the ranks at RBS, and prior to her current role she served as head of Europe, Middle East and Africa for markets and international banking.
RBS chairman Howard Davies added: “I am delighted that we have appointed Alison as our new CEO. She brings extensive experience and a track record of success from her previous roles at the bank. Following a rigorous internal and external process, I am confident that we have appointed the best person for the job.”
An announcement of her appointment to head up the taxpayer-owned lender comes several months after current boss Ross McEwan revealed plans to step down and join the National Australia Bank (NAB).
McEwan took charge in 2013 tasked with returning the part-nationalised lender to profitability following the £45.5bn government bailout.
The bank, which remains 62 per cent state-owned, has closed hundreds of branches during McEwan’s tenure but last year more than doubled profits to £1.62bn.
One former senior RBS employee told City A.M. that Rose was “the safe choice”.
“It makes sense – she’s been there for years and she’s liked by everyone at the company”.
Rose has also been vocal in her support for diversity, which included leading a review of the barriers to women starting a business for the government.