Poll
RBS share sale faces two-year delay
The government started selling RBS shares in August 2015, but the bank has now admitted that they are likely to be set back.
Speaking to LBC radio on 4th July, Ross McEwan, Chief Executive of RBS, said: “I think this will be a setback, let’s be quite honest.
“…At least a couple of years will be pushed back because of [Brexit].”
However, Ross insisted that the unpredictability of the financial market meant that the delays were not guaranteed.
“Markets turn around and go positive as quickly as they go negative,” Ross explained.
“I would’ve thought [it was delayed by] a couple of years, but again if markets started turning around positively in the next two years who knows.”
In October 2015, the government revealed it would reduce its shareholding in RBS by 75% over the next five years.
Last year, protest group SumOfUs launched a petition protesting the sale of RBS shares, alleging that it could result in a £13bn loss to taxpayers.
This latest news comes just months after RBS admitted that the sale of spin-off bank Williams & Glyn could be delayed until the end of 2017.
Ross admitted that separating up to 700 systems, 140 products and two million customers was extremely complex.
“…I think this is one of the most complex things going on in world banking – taking a bank from within a bank.
“I know people say: ‘Let’s break up the banks’, but please let them come and have a chat to me before [they] get too excited.”
Post your comment:
Related Articles:
I well omega replica watches removed them, in I below. Those companions call fake rolex watches sounded like a bird chirp. Squeezed between the fragmentation omega replica of the basalt is cold crunching sound rolex replica watches of quicksand. Flat slopes gradually, I came to the edge of breitling replica watches the crater, a cement embankment covered with dark brown on top. I ran over to cartier replica watches see the cement, the steel roof covering the top: This is the beginning of replica watches the 22 century dome structure. It would appear that we have longines replica watches come to the right place. From my u boat replica watches current position.