Reuters: Regulatory News: UPDATE 1-RBS names McEwan as CEO after swinging to H1 profit

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UPDATE 1-RBS names McEwan as CEO after swinging to H1 profit Aug 2nd 2013, 06:26 Fri Aug 2, 2013 2:26am EDT LONDON Aug 2 (Reuters) - Royal Bank of Scotland said Ross McEwan will take over as its new chief executive in October, just over a year after he arrived to run its retail bank, as the state-backed bank reported a return to profit in the first half of the year. McEwan had been widely tipped to get the job to replace Stephen Hester, who was ousted by the government in June, and will be tasked with completing RBS's restructuring and ensuring its shares rise above the government's break-even price so that its stake can be sold. RBS said on Friday it made a pretax profit of 1.4 billion pounds ($2.1 billion) in the six months to the end of June, compared to a loss of 1.7 billion in the first half of 2012. New Zealander McEwan, 56, joined RBS as CEO for UK retail in September from Commonwealth Bank of Australia and is considered a safe, politically acceptable choice who will increase the bank's focus on retail and commercial banking. He is expected to continue slimming down its investment bank, which many politicians and regulators want. He will be paid an annual salary of 1 million pounds, less than the 1.2 million Hester received. McEwan said he did not want to be considered for an annual bonus for the remainder of 2013 or for 2014. The bank made its first two consecutive quarters of profit since 2008, when it needed a 46 billion pounds bailout from the taxpayer, which left the government with an 81 percent stake. It said its capital strength continues to improve and expects to reach a core capital ratio under full Basel rules of more than 9 percent by the end of this year. It took an extra 185 million pound provision to compensate customers for the mis-selling of payment protection insurance, taking its total bill to 2.4 billion pounds. Link this Share this Digg this Email Reprints

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