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Tuesday, November 03, 2009
RBS Hopes To Exit APS Within Five-year Plan
By Simon Kennedy
MarketWatch Pulse
LONDON -- Royal Bank of Scotland CEO Stephen Hester said Tuesday that the bank hopes to exit the government's asset protection scheme within its current five-year recovery plan, which has just over four years left to run. Hester also said the European Commission's decision to force the bank to divest its insurance business was more a "deterrent" for banks taking state aid, rather than a competition issue, though he added the final agreement is a compromise that is best for everyone. The bank has four years to dispose of its insurance operations and Hester said at the moment it looks like the best option would be a floatation of the business towards the end of that period.
Copyright © 2009 MarketWatch, Inc.
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