Citywire printed articles sponsored by:
View the article online at http://citywire.co.uk/wealth-manager/article/a696865
Cable warns RBS sell-off ‘five years away’
by Dylan Lobo on Aug 12, 2013 at 07:58
Hope that the Royal Bank of Scotland could be taken off tax payers hands soon has been dealt a blow by Vince Cable.
In an interview with the Sunday Telegraph, the business secretary said it was highly unlikely a sale would take place before the next election, while indicating the government may retain its 81% stake in the bank for the course of the next parliament as well.
‘I don’t think it would be sensible for the government to set a rigid timetable, but given where we start from I think it is pretty unrealistic to think of REPS going back into private ownership this Parliament or probably within five years,' Cable (pictured) told the paper.
The view comes into conflict with that of prime minister David Cameron, who has said the government should aim to return the bank to the private sector as ‘soon as possible’.
Earlier this month RBS confirmed retail banking head Ross McEwan would replace Stephen Hester as chief executive.
The appointment was accompanied by news the bank had swung into a £1.37 billion profit in the first half.
'The business challenges ahead lie principally in improving future operating trends and sustaining the focus and consistency needed to make further progress. RBS can be a “really good bank” for customers and shareholders. That is our goal,’ Hester told the market in his last statement as chief.
News sponsored by:
Today's top headlines
More about this:
Look up the shares
More from us
On the road
on Dec 06, 2013 at 14:28