RBS Close to Naming Credit Suisse Banker as New CFO

By Max Colchester 

LONDON-- Royal Bank of Scotland Group PLC is close to appointing a Credit Suisse AG investment banker as its next chief financial officer, according to a person familiar with the matter.

The appointment of Ewen Stevenson, who advised on the bailout of the 81% government-owned RBS, still needs to be approved by U.K. regulator Prudential Regulation Authority, the person said.

Mr. Stevenson didn't return a call for comment. The New Zealand native, is currently the co-head of Credit Suisse's investment banking department for Europe, the Middle East and Africa.

RBS's next CFO will join a management group grappling with some steep challenges. The bank, which received a GBP45.5 billion bailout from the U.K. government, continues to report significant losses, and chief executive officer Ross McEwan recently unveiled a five year plan to focus the business on the U.K. and cut GBP5 billion in costs. RBS is also planning to unload its U.S. retail banking unit RBS Citizens--the bank has targeted an initial public offering of some Citizens shares, though management is also exploring the possibility of selling the U.S. unit too. Its plans were complicated last week when Citizens failed the Federal Reserve's "stress test," which some observers said would likely delay a listing.

RBS has been searching for a new CFO since December when Nathan Bostock resigned to become the chief executive officer of the U.K. unit of Spain's Banco Santander SA. Mr. Bostock is currently serving a one year notice period at RBS.

Sky News first reported the likely appointment of Mr. Stevenson.

Margot Patrick contributed to this article.

Write to Max Colchester at [e-mail]

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