RBS to promote Ross McEwan as new Chief Executive

RBS to promote Ross McEwan as new Chief ExecutiveThe Royal Bank of Scotland might be planning to promote Ross McEwan to the post of the chief executive, according to a person closer to the matter.

The RBS needs an approval from the Bank of England's Prudential Regulation Authority and the government to confirm the appointment. There are indications that McEwan might be promoted within the coming days to take over the bank at time when the government is aiming to divest its stake in the institution.

Chancellor George Osborne said that the government is aiming to break up the Royal Bank of Scotland into separate entities. The government has an 82 per cent stake in the Royal Bank of Scotland and indicated that the bank might be split into a good bank and a bad bank with troubled assets. The bank had recorded a profit but was facing high level of toxic assets and the government officials have been looking for ways to revive the bank.

Mr. McEwan ha been working as the head of RBS's retail banking unit and will replace outgoing chief executive Stephen Hester, who will continue in his post till this year after five years in job.