4th Apr 2014 06:47
LONDON (Alliance News) - Royal Bank of Scotland Group PLC Friday said it has appointed a new finance chief as it moves to replace Nathan Bostock, who resigned in December fewer than three months since joining the bailed-out bank in order to join Santander UK.
In a statement, RBS said it has appointed Ewen Stevenson, who joins from Credit Suisse, where he is currently co-head of EMEA Investment Banking and its Global Financial Institutions Group, Investment Banking division.
Stevenson's appointment as RBS chief finance officer is effective from May 19.
"Ewen has spent many years working with the world's leading banks. In recent years he has been a trusted adviser to both governments and company boards on the steps needed to restore confidence in financial institutions following the crisis," Ross McEwan, chief executive, said in a statement.
"At RBS we are determined to re-earn the trust of our customers and our continued financial health is central to that task," McEwan added.
Stevenson, 47, has spent his 25-year career at Credit Suisse, picking up extensive management and restructuring experience along the way.
In 2008 and 2009 he was a senior member of the Credit Suisse team advising HM Treasury on the recapitalisations of RBS and Lloyds Banking Group PLC and the good bank/bad bank restructuring of Northern Rock.
In late February, alongside annual results showing a GBP8.24 billion pretax loss, RBS unveiled a business restructuring plan that will further scale down its investment banking division and transform it into a UK-focused retail bank.
Under this plan, RBS's seven existing operating divisions will be restructured into just three businesses: Corporate & Institutional Banking, Personal & Business Banking, and Commercial & Private Banking.
Chief Executive Ross McEwan has talked about the need to cut the bank's cost base and simplify its operations as he tries to turnaround a bank still suffering from the financial crisis, in the midst of which it required a GBP45.00 billion government bailout.
By Samuel Agini; [email protected]; @samuelagini
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