RBS seeking approval for fees associated with govt stake selloff
(25 May 2015 – Scotland) Royal Bank of Scotland (RBS)’s outgoing chairman, Sir Philip Hampton is said to have started preparing the way for the government to sell down its 79 percent stake by asking shareholders to approve the cost of producing any documents and fees associated with the process.
In a notice to its AGM on 23 June, Hampton asked shareholders to vote on a resolution giving the bank permission for a related party transaction.
Permission for this was not sought five years ago, when the authority should have been sought after taxpayers bought £45 billion (A$89 billion) shares in the bank in 2009.
The Chancellor, George Osborne has not set out any details about selling any of the stake in RBS but said if he was still in the Treasury following the general election he would sell the holding as quickly as possible.
Hampton did not indicate a share sale was imminent, but said: “Whilst the implementation and timing of any sell-down by HM Treasury will be determined at the sole discretion of HM Treasury, the board is of the view that it is important and in the best interests of the company to be able to provide such assistance when required.”
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