McEwan graduated from Massey with a Bachelor of Business Studies in 1979.
Massey Vice-Chancellor Professor Jan Thomas said the award was presented to a true visionary, a leader and someone well-respected in their field of expertise for significant and ongoing contributions to business or professional life, as well as meritorious service to the university, community or nation.
McEwan, who returned to New Zealand to receive the award at a function in Auckland, began his business career in personnel and human resources roles at Unilever, Dunlop and National Mutual, which he headed in New Zealand after the takeover by Axa.
He was general manager at the stockbroking firm First New Zealand Capital Securities before joining the Commonwealth Bank of Australia as group executive for retail banking services.
In 2012 he became chief executive officer for United Kingdom retail at the Royal Bank of Scotland before securing the top job the following year.
The bank, once the world's largest, remains Britain's biggest for corporate and business banking.
He described the award as "an absolute honour" and said his time at Massey University was probably the best years of his life.
"You've come out of school, you're away from home, you're actually meeting lots of really exciting people and getting a bit of an education on the way through there. It was also the place where I met my wife."
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