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RBS poaches another Australian banking boss RBS poaches another Australian banking boss
(40 minutes later)
Royal Bank of Scotland has one again turned to Australia to recruit a boss for its UK retail banking arm. Royal Bank of Scotland has once again turned to Australia to recruit a boss for its UK retail banking arm.
Ross McEwan, who currently runs the retail banking operation of Commonwealth Bank of Australia, the country's largest bank, will join RBS to replace Brian Hartzer, who was hired from another Australian bank – ANZ – and is now returning to Australia to take a top job at Westpac. Ross McEwan, who runs the retail banking operation of Commonwealth Bank of Australia, the country's largest bank, will join RBS to replace Brian Hartzer, who was hired from another Australian bank – ANZ – and is returning to Australia to take a top job at Westpac.
McEwan, a New Zealander who recently lost the two-candidate race to take the helm of CBA, is due to join RBS over the summer. Hartzer, whose resignation had already been announced, leaves next month.McEwan, a New Zealander who recently lost the two-candidate race to take the helm of CBA, is due to join RBS over the summer. Hartzer, whose resignation had already been announced, leaves next month.
The role is a key appointment for RBS, which also owns NatWest on the high street.The role is a key appointment for RBS, which also owns NatWest on the high street.
Stephen Hester, the RBS chief executive, said: "We have more to do to fulfil the full potential of the retail business in a changing banking market."Stephen Hester, the RBS chief executive, said: "We have more to do to fulfil the full potential of the retail business in a changing banking market."
McEwan will not be on the main board of RBS but will sit on Hester's executive committee and is likely to emerge as one of the bank's eight highest-paid bankers under the new disclosure requirements introduced by the government to expose pay policies outside the boardroom.McEwan will not be on the main board of RBS but will sit on Hester's executive committee and is likely to emerge as one of the bank's eight highest-paid bankers under the new disclosure requirements introduced by the government to expose pay policies outside the boardroom.
At CBA Ross, who is 54 and married with two children, had a salary of A$1.25m (£780,000) and a cash bonus of A$647,657. Another A$2.4m was vested during 2011 from previous long-term reward schemes.At CBA Ross, who is 54 and married with two children, had a salary of A$1.25m (£780,000) and a cash bonus of A$647,657. Another A$2.4m was vested during 2011 from previous long-term reward schemes.
Ian Narev, who won the internal race for the top job at CAB, said a replacement for McEwan would be found in due course. "For the last five years he has been a highly valued member of the group's executive committee," said Narev. "He leaves with our sincere appreciation and best wishes."Ian Narev, who won the internal race for the top job at CAB, said a replacement for McEwan would be found in due course. "For the last five years he has been a highly valued member of the group's executive committee," said Narev. "He leaves with our sincere appreciation and best wishes."