The outgoing head of the Royal Bank of Scotland (RBS) is taking the reigns as new chief executive of the National Australia Bank (NAB).
Ross McEwan, a banking veteran who is set to step down from RBS by April next year, has been poached by the NAB as it looks to recover from a financial misconduct crisis that led to the resignation of its former boss.
In February Andrew Thorburn stood down as chief executive following mounting pressure on Australian lenders including NAB from regulators over financial misconduct for charging fees for services not rendered.
McEwan, who has been largely credited for presiding over the major restructuring at RBS in the years after the financial crisis, announced his plans to step down from the FTSE 100 giant in April.
Under McEwan’s six-year reign the FTSE banking group, which has been majority-owned by the government since it received a £45bn bailout during the 2008 financial crisis, has returned to profit.
He has a 12 month notice period extending to April 2020 and he will remain in position until a successor has been appointed and an orderly handover has taken place, RBS said in a statement late last night.
Chairman Howard Davies said: “We note today’s announcement that Ross will take over as chief executive 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.”
In April the FTSE 100 group warned of continued Brexit uncertainty after reporting £707m profit during the first quarter, marking a fall from £808m in the same period last year.
An increasingly competitive mortgage market and weakened activity in its investment bank has dented the group’s balance sheet in recent months.