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October 13, 2008

Government to take 60% stake in RBS

by Gill Montia

Story link: Government to take 60% stake in RBS

Royal Bank of Scotland (RBS) has confirmed that it will be raising £20 billion through the issue of new shares, in a move that could leave the UK Government with a 60% stake in the group.

The bank’s existing shareholders will have the right to buy £15 billion of the new shares but it is unlikely that the take-up will be significant.

RBS chief executive, Sir Fred Goodwin, will resign and be replaced by Stephen Hester, chief executive of British Land, the real estate investment company.

Prior to his appointment at British Land in 2004, Mr Hester held the post of chief operating officer at Abbey, having joined the group in 2002 as finance director.

For the previous 19 years he worked for Credit Suisse First Boston, ending his time with the bank as global head of its fixed income division.

RBS will also be appointing a new chairman; Sir Tom McKillop will retire next year, ending his term of office at the next Annual General Meeting.

The rescue means that Treasury representatives will be taking seats on RBS’s board and executive pay and bonuses will be restricted.

 

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