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RBS Appoints CBA's McEwan To Head Up Retail Business

Date : 05/07/2012 @ 6:51AM
Source : Dow Jones News
Stock : Royal Bank of Scotland Grp. (RBS)
Quote : 9.43  0.32 (3.51%) @ 4:01PM
Royal Bank of Scotland Grp. share price Chart

RBS Appoints CBA's McEwan To Head Up Retail Business

Royal Bank of Scotland Grp. (NYSE:RBS)
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Royal Bank of Scotland Group PLC (RBS) said Monday that it appointed Ross McEwan to head up its retail banking division.

The hire came after RBS's current head of retail Brian Hartzer announced this year that he would quit the bank to oversee Australian bank Westpac Banking Corp.'s (WBK) retail operations. Hartzer, who had been tipped as some as a long-term successor to RBS Chief Executive Stephen Hester, is leaving the bank for personal reasons.

McEwan, who is joining from the Commonwealth Bank of Australia (CBA.AU), is expected to take the reins this summer and will arrive at the part-government-owned lender at a crucial time. Following its taxpayer bailout in 2008, RBS has reorganized its strategy to refocus its retail business in the U.K. and Ireland.

McEwan will preside over 19 million customers and GBP100 billion in customer assets.

-By Max Colchester, Dow Jones Newswires; +44 (0) 207 842 9295, max.colchester@wsj.com

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