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New boss, new fortunes for RBS?

Tuesday, October 01, 2013 - 01:17

Oct 1 - Ross McEwan takes over as the new Chief Executive at Royal Bank of Scotland. As Ivor Bennett reports the New Zealander is expected to oversee the privatisation of the bank, which has been largely state-owned since the banking crisis of 2008.

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EDITORS NOTE: NO RESTRICTIONS There hasn't been much cause for celebration at RBS in recent years. But there was no denying the party atmosphere at the bank's London offices on Tuesday. It was new CEO Ross McEwan's first day on the job. 300 staff welcomed the man tasked with putting the troubled bank's problems behind it. RBS is 81 percent owned by taxpayers after a 45 billion pound bailout in 2008. With a reputation for customer service, McEwan's seen as a politically safe bet as the bank prepares for privatisation. SOUNDBITE (English) ROYAL BANK OF SCOTLAND CEO ROSS MCEWAN, SAYING: "We exist because of the customers we serve and we should never forget that. It doesn't matter what job it is, be it myself, be it the people that face customers all day everyday, or the people that support those people. Our job is to serve our customers. Without our customers we are nothing as a business." The New Zealander joined RBS in 2012 from Commonwealth Bank of Australia. Since then he's been in charge of its retail arm. He takes over the top job from Stephen Hester, who was ousted in June by a government keen for a fresh start. It wants the bank to slim down and focus on lending. The sooner that can happen, the sooner it can sell its stake.

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New boss, new fortunes for RBS?

Tuesday, October 01, 2013 - 01:17