Commonwealth Bank Australia Retail Bank Head To Resign

The head of Commonwealth Bank of Australia's (CBA.AU) group retail banking services has resigned to take over as the chief executive of U.K. retail at the Royal Bank of Scotland.

Ross McEwan--who was among the frontrunners to take over as head of Australia's largest bank when former Chief Executive Ralf Norris left in 2011--will leave the group later this year to take over as head of the London-based lender, CBA said in a statement on Monday.

CBA Chief Executive Ian Narev said the bank was grateful for McEwan's five years of service. He said the bank would announce McEwan's replacement "in due course" after undertaking a global search for internal and external candidates.

"For the last five years he has been a highly valued member of the Group's Executive Committee," said Narev in a statement. "He leaves with our sincere appreciation and best wishes."

-By Caroline Henshaw, Dow Jones Newswires; 61-2-8272-4689; caroline.henshaw@dowjones.com

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