"With his extensive experience in banking and the leadership that he has shown in his time at RBS, Ross will be a great Chief Executive for the Group," said RBS chairman Phillip Hampton in the company's statement.
Hampton added: "Five years on from its rescue, RBS is now a safe and strong bank -- 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 U.K. economy."
Current CEO Stephen Hester said: "Ross has an outstanding track record and I congratulate him on being appointed RBS Chief Executive. He is a person of integrity who has been a valued colleague over the past year."
McEwan has been with RBS since September, 2012 as U.K. Retail CEO. His new position will take effect on October 1, 2013.
Fool contributor Dan Radovsky has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.