LONDON (Alliance News) - Royal Bank of Scotland Group PLC shareholders have approved a proposal ... LONDON (Alliance News) - Royal Bank of Scotland Group PLC shareholders have approved a proposal that allows the lender to buy back up to GBP1.5 billion worth of shares from the government, as it looks to deploy excess capital and speed up its privatisation. The lender's special resolution sought permission to make off-market share purchases from the Treasury through a "directed buy-back" scheme. Under the scheme, which will need to be approved by the Bank of England, the bank will be able to buy back up to 4.99% of the government's stake in any one year. However, one shareholder at the meeting described the plan as "abhorrent", arguing that RBS should be holding back the cash to pay compensation for potentially huge legal settlements. He also accused the bank of "running scared" from a potential general election and resultant Labour government, which would seek to nationalise the bank. But chairman Howard Davies said: "This is something that the board has carefully considered.
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Feb 22, 2019