CFO appointment reduces uncertainty at RBS, says Shore Capital

4th Apr 2014 11:02

Shore Capital has retained its neutral stance on the shares of Royal Bank of Scotland but said that the appointment of Ewen Stevenson as its new Head of Finance is 'positive news'.The bank revealed on Friday that Stevenson would be joining the firm as its new Chief Finance Officer, following the resignation of Nathan Bostock in December.Stevenson, who was born in the UK but raised in New Zealand, joins the UK bank from Credit Suisse where he is currently the Co-Head of its Investment Banking division in Europe, the Middle East and Africa.Shore Capital Analyst Gary Greenwood said: "We view this as positive news as it removes uncertainty around the position and should therefore enhance investor confidence in the company's ability to deliver on its strategic plan. "The fact that it is an external appointment also helps to deflect concerns that the company is struggling to attract talent owing to its relatively onerous ownership and governance situation, we think."The broker kept a 'hold' recommendation on the stock, which was trading 0.2% higher at 317.45p by 11:06 on Friday.BC