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The Boston Globe

Business

RBS names new CEO to replace Stephen Hester

Ross McEwan

Ross McEwan

LONDON — Stephen Hester reported his last set of results for bailed-out Royal Bank of Scotland Friday as he prepares to hand over the reins to New Zealander Ross McEwan.

The state-controlled bank recorded a first-half profit of $811 million, compared with a loss of $3.1 billion in the same period of last year.

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RBS on Friday named McEwan, a 56-year-old native of New Zealand, as chief executive effective Oct. 1.

Hester, 52, became chief in October 2008, after the government rescued the bank with a $71 billion capital injection. Fred Goodwin, Hester’s predecessor, brought the bank to near-collapse after an aggressive global expansion, which included the ill-fated purchase of Dutch lender ABN Amro.

RBS is the parent of Citizens Bank.

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