Royal Bank of Scotland (RBS) chief in talks over Bank of China

The new chief executive of Royal Bank of Scotland (RBS), Stephen Hester, is said to be discussing the sale of its £2 billion stake in the Bank of China, and taking his first steps to fix the troubled Edinburgh-based bank worldwide empire.

It’s been reported than Stephen Hester is currently in Beijing discussing the sale, RBS brought a £900 million stake in Bank of China back in 2005, but the purchase became highly controversial as it was made at a time of frenzied buying in China by Western banks.

The deal which had a three year lock in was done by former chief executive Sir Fred Goodwin has now ended, allowing RBS to sell the shares, although Hester has made no comment regarding share price that taxpayers paid 65p for the end of last year.

When Hester took over from Goodwin RBS had just been forced to take a government bailout that left taxpayers owning 58 percent in the bank.

Source: Guardian

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