Royal Bank of Scotland announced early Wednesday morning that Ewen Stevenson has resigned from his role as chief financial officer and executive director “to take up an opportunity elsewhere.”

RBS will hold its AGM later on Wednesday.

There has been speculation that Stevenson could move to HSBC, which is searching for a new finance director.

“The effective date of his departure will be confirmed in due course but he will remain in his position to oversee an orderly handover of his responsibilities,” said RBS.

“The search for a successor will commence immediately.”

RBS Chairman Howard Davies said: “The board and I are sorry to learn that Ewen has decided to move elsewhere.

“He will go with our thanks for a job well done and our good wishes.”

RBS CEO Ross McEwan added: “For the past four years Ewen has worked tirelessly with me and my executive team to make RBS a much simpler, safer and more customer focussed business and to resolve a number of major legacy challenges.

“When Ewen leaves RBS he will go with my enormous thanks and best wishes, he has been a fantastic CFO.”