RBS chief Ross McEwan tapped to run National Australia Bank

RBS chief Ross McEwan tapped to run National Australia Bank

RBS chief Ross McEwan tapped to run National Australia Bank

National Australia Bank Ltd (NAB.AX) has hired the man credited with turning around Royal Bank of Scotland (RBS.L) as its new chief executive, as it moves on from the abrupt departure of its leaders this year in the fallout of a misconduct inquiry.

Royal Bank of Scotland boss Ross McEwan, who completed one of the biggest United Kingdom corporate turnarounds in history, has been hired to help fix one of Australia's biggest banks.

The former head of retail banking at the Commonwealth Bank is a New Zealand-born banking heavyweight. He was also CBA's executive general manager.

McEwan announced in April that he was leaving RBS.

His appointment comes at a hard time for NAB, which was hammered by the Royal Commission for conduct and culture failings.

National Australia Bank acting chief executive Phil Chronican, who succeeds Dr Ken Henry as chairman in November this year, praised Mr McEwan's long-standing knowledge of Australian banking. "RBS has been through numerous same challenges which NAB now faces around culture, trust and reputation", he said.

"We have secured a well proven CEO and reached agreement on an appropriate remuneration package when compared with domestic and worldwide peers and other sectors".

Man sets himself on fire outside Japanese embassy in Seoul
Meanwhile, Seoul criticized the new export rules, calling them "retaliation" by Japan over the wartime labor issue. Meanwhile, an elderly man set himself alight in a auto that was parked outside the Japanese Embassy in Seoul.

New Zealander McEwan announced in April that he was stepping down, saying at the time: "I have delivered the strategy that I set out in 2013 and now feels like the right time for me to step aside and for a new CEO to lead the bank".

"Customer service and delivery are what can differentiate us". "(During that time) RBS took multiple provisions in relation to restructuring and customer remediation", Credit Suisse analysts told clients in a note.

The report expressed serious concerns about the pair's leadership of the bank and failings that included charging fees for no service. "It's every interaction with every person every day has to be a great interaction with a customer, with the customer at the centre of that", he said.

He said it was important to "protect and accelerate" NAB's transformation of its operations and culture into a better bank, a comment analysts read as signaling a restructuring beyond the bank's current digitization project, which aims to save A$1 billion ($706.80 million) in costs and shed thousands of staff by 2020.

Mr McEwan would not be drawn on what his appointment meant for NAB retail boss Mike Baird. NAB said it will also support companies with transactional banking and risk management.

The bank will provide Australian "tech-innovators" with loans, as well as facilitate access to capital markets.

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