Royal Bank of Scotland’s finance chief takes up role at HSBC

The outgoing finance chief of Royal Bank of Scotland, Ewen Stevenson, is switching lenders under plans to replace HSBC’S Iain Mackay.

HSBC has confirmed that Stevenson will take the reins from Mackay, who will retire as executive director and group finance director after a total of 11 years at HSBC. The exact date of the handover has yet to be confirmed, with his appointment still subject to final regulatory approval, an HSBC spokesman said.

Stevenson was widely seen as a contender to replace RBS chief executive Ross Mcewan, but tendered his surprise resignation ahead of the lender’s AGM last month. The announcement follows earli- er reports that Stevenson had been approached by HSBC for the role, with RBS having only said that he was leaving to “take up an opportunity elsewhere”.

RBS also did not confirm the date of his departure but said the departing finance chief would remain in his position to oversee an “orderly handover” and said it was launching an immediate search for his successor. HSBC’S newly installed chief executive John Flint thanked Mackay for his service, saying: “He has played a leading role implementing group strategy, ensuring the firm’s compliance with regulatory standards and improving the quality of our financial reporting.”

Stevenson will join the bank after spending four years as chief financial officer at RBS. 0 Ewen Stevenson has spent the past four years at RBS