NAB announce new CEO Ross McEwan

Veteran banking executive Ross McEwan — who turned around Royal Bank of Scotland in the wake of the global financial crisis — has been appointed new chief executive of the National Australia Bank.

He was most recently CEO of Royal Bank of Scotland, before that he was an executive at CBA.

The announcement comes five months after NAB's former CEO Andrew Thorburn resigned in the wake of the banking royal commission

McEwan won't commence work with NAB until his current obligations at RBS are completed, no later than April 2020.

The former head of retail banking at the Commonwealth Bank is a New Zealand-born banking heavyweight.

National Australia Bank acting chief executive Phil Chronican, who succeeds Dr Ken Henry as chairman in November this year, praised Mr McEwan's long-standing knowledge of Australian banking.

"Ross McEwan is the ideal leader for NAB as we seek to transform our operations and culture firmly around leading customer service, experience and products," Mr Chronican said in a statement to the stock exchange.

"Ross brings a compelling range of experience across finance, insurance and investment with a track record of delivering important and practical improvements for customers.

Mr McEwan had announced his resignation from RBS in April 2019.

The British Government still owns 62 per cent of RBS, although it plans to sell that stake by 2024.