RBS Chief Welcomes Government Share Sell-Off
Ross McEwan, chief executive of RBS, has welcomed the first sell-off of government-owned shares in the bailed-out bank. McEwan said the sale showed “the great progress that this bank and all of our people are making, in making this a much simpler bank, a much stronger bank and also a fairer bank for our customers.”
The sale, which took place after the stock market closed on Monday, August 3, cut the taxpayer stake in RBS from 79 percent to 73 percent. A total of £2.1bn ($3.28bn) of shares were sold, representing a loss of £1bn on the price originally paid in a 2008 bailout. Credit: YouTube/Royal Bank of Scotland
