RBS CFO Stevenson quits as government readies stake sale

Royal Bank of Scotland is looking for a new chief financial officer after announcing the departure of Ewen Stevenson as the government prepares to sell some of its stake in the bank.

RBS said Stevenson was leaving for a new job elsewhere after four years in the post. He has worked closely with his fellow New Zealander, chief executive Ross McEwan, to revive the fortunes of the government-controlled bank. If, as some analysts expect, McEwan announces his departure in 2018, both the executive director posts at RBS will change hands.

RBS said Stevenson would stay to ensure an orderly handover and that the search for his successor would start now. The bank did not say which company he was moving to.

Stevenson is leaving RBS as the bank appears to have put most of its troubles behind it almost a decade after the government took control in the 2008 banking bailout. On 10 May RBS agreed to pay $4.9bn (£3.7bn) to settle a long-running investigation by the US Department of Justice into its dealing in mortgage-backed securities before the financial crisis.

The settlement helps pave the way for the government to start selling its 71% stake in RBS and for the bank to resume paying dividends. The government could sell about 10% of RBS as early as the week beginning 28 May, according to reports.

McEwan said: "For the past four years Ewen has worked tirelessly with me and my executive team to make RBS a much simpler, safer and more customer-focused business and to resolve a number of major legacy challenges. When Ewen leaves RBS he will go with my enormous thanks and best wishes."

Stevenson joined RBS from Credit Suisse where he jointly ran investment banking for Europe, Middle East and Africa and the global financial institutions group. Though he and McEwan have settled most of RBS’s legacy matters, questions still surround the bank’s treatment of business customers at its global restructuring group division.

Chairman Howard Davies said: "The board and I are sorry to learn that Ewen has decided to move elsewhere. He will go with our thanks for a job well done and our good wishes."