By Mark Kleinman, City Editor
Royal Bank of Scotland (RBS) hopes to announce the appointment of a new chief executive on Friday as its search for Stephen Hester's successor narrows to internal contenders.
Sky News understands that RBS directors will discuss the appointment of its next boss during a board meeting over the next two days ahead of its half-year results on Friday.
The talks are focused on the possible appointment of Ross McEwan, the head of RBS's UK retail banking operations, although Bruce Van Saun, the chief financial officer who was supposed to be moving to the US to head RBS's retail bank there, remains a possibility.
Sky News revealed last week that Mr McEwan had emerged as the leading internal candidate to replace Mr Hester, who will step down by the end of the year.
Insiders said there was no formal target of Friday to announce the new chief executive and insisted that there was still no formal decision, meaning that an announcement might yet slip beyond this week.
Sir Philip Hampton, chairman of RBS, is understood to have discussed the remaining candidates with UK Financial Investments (UKFI), which manages taxpayers' 82% shareholding in RBS, this week, according to a source close to the bank.
UKFI, the Financial Conduct Authority, the Prudential Regulation Authority and the Treasury will all need to approve the chosen candidate ahead of an announcement.
Mark McCombe, an executive at the asset management firm BlackRock, was among external candidates for the role but withdrew from the process, as did Richard Meddings, the finance director of Standard Chartered.
It is possible that Sir Philip has kept another outsider under wraps but people familiar with the process said it was "almost certain" that an internal candidate would replace Mr Hester on a salary and bonus package significantly smaller than that of the current boss.
Mr McEwan spent five years as the group executive for retail banking services at Commonwealth Bank of Australia before joining RBS.
Some analysts have positioned Mr McEwan as a similar candidate to Antony Jenkins, who headed Barclays' retail banking business before being appointed to replace Bob Diamond in the wake of the Libor rate-rigging scandal last year.
Appointing Mr McEwan would, nevertheless, represent something of a gamble for RBS and the Government.
He has limited experience of the British banking sector, having only been appointed to his current role in August last year.
His experience of investment banking is also negligible, although RBS's investment banking operations accounts for only 20% of its balance sheet.
The Treasury is carrying out a review of whether a 'bad bank' containing approximately £60bn of assets could be carved out of RBS, enabling its "good bank" to accelerate lending to the UK economy.
Such a split has been opposed by Mr Hester and was among the factors that triggered tensions between the outgoing boss and the Chancellor in recent months.
One advantage of appointing Mr McEwan would be his availability to take over the top job in time for Mr Hester's departure.
RBS declined to comment.
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