McEwan's appointment cemented the grip New Zealanders, or those with Kiwi banking experience, had on senior roles within the Commonwealth.
That had followed the September 2005 appointment of former Air New Zealand chief executive Ralph Norris to the chief executive position at Commonwealth.
McEwan, 49, will report directly to Norris and become a member of the nine-strong executive committee that runs the bank's day-to-day operations.
McEwan has also had roles at First New Zealand Capital in New Zealand and also headed up AXA.
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