Bailout advisor gets top finance job at RBS

The RBS head office in Edinburgh
The RBS head office in Edinburgh
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Royal Bank of Scotland has appointed a new finance director, poaching Ewen Stevenson from Credit Suisse where he was co-head of investment banking for Europe, the Middle East and Africa.

In a statement on Friday, RBS said Mr Stevenson, 47, had been appointed executive director and chief finance officer at the lender, starting in the new role on May 19.

Mr Stevenson’s career at Credit Suisse spanned 25 years and he was a senior member of the bank’s team advising the Government on its bailouts of RBS and Lloyds during the financial crisis.

He fills the post left by Nathan Bostock who quit last year to join rival Santander.

Mr Stevenson’s appointment adds a second New Zealander to RBS’s top executive ranks alongside Ross McEwan, who took over as chief executive six months ago.

Analysts at Bernstein Research said Mr Stevenson’s role advising RBS and Lloyds “will give him a head start as to the idiosyncrasies of the RBS balance sheet and relation to its principal shareholder”.

This, the analysts said, would balance the fact he does not have experience as a chief financial officer.

Mr Stevenson’s former Credit Suisse colleague, James Leigh-Pemberton, now runs UK Financial Investments, the body that manages the Government stake in RBS.