The Royal Bank of Scotland (RBS) has confirmed Ross McEwan will become the institution's new chief executive officer (CEO) as it announced healthy profits for the first half of 2013.
Mr McEwan, the current head of the bank's retail arm, will take up the role at the start of October and will have a salary of £1 million ($1.5 million), taking over from Stephen Hester who relinquished his role earlier this year.
The bak made first half pre-tax profits of £1.4 billion, which was a vast improvement on the £1.7 billion loss in the same period of 2012.
RBS has now made two consecutive quarters of profit, the first time since 2008 when it required a £46 billion bailout from the government, which now has an 81 per cent stake in the business.
Sir Philip Hampton, chairman of RBS, said the institution is now "safe and strong". The company is looking to return to the private sector as early as next year.
"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," he remarked.
By Gary Cooper