EWEN Stevenson will not receive any compensation for loss of office under the terms of his departure from his post as chief financial officer of Royal Bank of Scotland.

The confirmation came as the state-backed bank announced the appointment of Katie Murray, currently deputy chief financial officer, as Mr Stevenson’s interim successor.

Ms Murray has been deputy chief financial officer at Royal Bank since November 2015. Before joining the Edinburgh-based institution she was group chief financial officer at Old Mutual Emerging Markets in Johannesburg for nearly five years.

Mr Stevenson, who has held the role at Royal Bank since 2014, has been appointed executive director and group finance director at HSBC, where he will replace Iain Mackay.

Royal Bank said yesterday that Mr Stevenson will remain on its board and as chief financial officer until September 30 to facilitate a handover to Ms Murray, who will be appointed interim chief financial officer on October 1.

Mr Stevenson will then be placed on gardening leave until his employment with the bank ends on November 30.

Royal Bank stated that he will continue to receive his salary, pension and benefit funding up to November 30, with no other remuneration payment to be made in connection with his departure. It added that, in accordance with the rules of the bank’s 2014 employee share plan, Mr Stevenson’s outstanding long-term incentive awards will lapse on his final date of employment.

HSBC previously said Mr Stevenson would be granted share awards worth up to £10.6 million to replace his Royal Bank awards which were forfeited as a result of him joining its business when it unveiled his appointment on June 25. John Flint, chief executive of HSBC, described Mr Stevenson as a “highly experienced executive with a proven track record as a chief financial officer”.