ROYAL Bank of Scotland chief executive Ross McEwan has received a share award worth almost £1.47 million.

The 432.088 RBS shares were allocated through an incentive scheme to replace rewards Mr McEwan was in line to receive from his former employer, Commonwealth Bank of Australia, when he joined RBS in September 2012.

He sold 203,387, at a price of around 340p, to raise more than £690,000 to settle the tax bill relating to the award. The remaining 228,701 shares are worth around £775,000 at RBS's 338.6p share price.

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