Credit Suisse executive joins RBS as CFO

TAXPAYER-BACKED lender Royal Bank of Scotland has recruited Credit Suisse executive Ewen Stevenson as its next chief financial officer, replacing Nathan Bostock who defected to Santander after just ten weeks in the job.

Stevenson, co-head of EMEA investment banking at Credit Suisse, was part of the team that advised the Treasury on the recapitalisations of RBS, Lloyds Banking Group and Northern Rock during the financial crisis.

Shares in RBS rose 0.3% to 317.9p as City analysts reacted to the news.
Stevenson takes up the role vacated by Bostock next month, where he joins fellow New Zealander Ross McEwan, who became chief executive of RBS last October.

Commenting on the appointment, McEwan said “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.

“At RBS we are determined to re-earn the trust of our customers and our continued financial health is central to that task. Ewen shares our vision for building a great customer bank and I look forward to working with him.”

Bostock, who was only promoted to CFO on 1 October, left to become chief risk officer and deputy chief executive of the Santander’s UK arm, which is thought to be preparing for a stock market flotation.

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