McEwan has been chief executive of the bank’s UK retail arm since 2012, joining the business from Commonwealth Bank of Australia where he spent five years as group executive for retail banking services.
He has worked in the insurance and investment industries both in Australia and New Zealand for more than 25 years.
He becomes CEO on 1 October.
Hester was appointed to the top job in 2010, tasked with turning around the fortunes of the bailed-out lender. He steered the business a significant way towards reprivatisation as was seen as a ‘safe pair of hands’ by many in the City.
Philip Hampton, RBS chairman, said: “With his extensive experience in banking and the leadership that he has shown in his time at RBS, Ross will be a great chief executive for the group. Ross has already become a champion for customers in our business and will continue that role as CEO.
“This is a job that is among the most important and challenging in the business world, and Ross has shown that he has the drive and capability to take it on. I conducted an international search for this position so our internal candidates could be benchmarked against the very best in the market. Ross was the strongest candidate and I am delighted he has been appointed.
“Five years on from its rescue, RBS is now a safe and strong bank – our focus is now on building a really good bank for our customers and shareholders, returning the bank to private ownership, and playing our full part in supporting the UK economy.”
