RBS needs 10 years to return to private sector: Times
December 3, 2012 1:42 PM EST
It will take a decade to fully return Royal Bank of Scotland
The bank plans to be ready to start paying dividends in late 2014, the Times reported, without citing a source.
After an additional 18 months of bolstering the bank's balance sheet, senior RBS figures believe that it will be returned to the private sector in four offerings over 10 years, the newspaper said.
Each of these offerings would amount to more than 10 billion pounds ($16 billion), the report added.
In 2008, Britain pumped 45.5 billion pounds into RBS, leaving the taxpayer with an 82 percent holding in the bank.
On Friday RBS, which trades on the London stock exchange, closed at 295 pence per share, representing a market capitalization of 17.9 billion pounds.
Last week, the Bank of England warned that British banks' true capital position was probably worse than what the relatively healthy official numbers imply.
The bank said that this is because banks have been over-optimistic about the future financial market dangers due to their over-optimistic assessment of the risks facing them.
($1 = 0.6240 British pounds)
(Reporting By Dasha Afanasieva)
Most Popular Slideshows
- Global Aviation Accidents: UN to Form Safety Task Force, Gov'ts Should Share Intelligence Info to Avert Future Incidents on Flying Over Warzones (PHOTOS)
- PageSix: Beyonce & Jay Z Union is Not About Love, All About Business & the Brand
- Kate Middleton & Prince William Taking a Time Off in August Amidst Miscarriage & Adopting a Child Claims
- Kate Middleton & Prince William Vacation Plans: Visit Prince Charles & Camilla Parker-Bowles
Join the Conversation
- Tourre on stand says email in SEC case 'not accurate'
- Syrian authorities blocking access to needy in Homs - Red Cross
- Faith in European Union at low ebb, EU poll says
- Former UBS banker gets 18 months, $1 million fine, for muni bid-rigging scheme
- U.S. judge halts challenges to Detroit's bankruptcy bid
- Apple iPhone 6 Release Date Update: 6 Most Wanted Feature Upgrades for Next iPhone
- Moto X Android 4.4.4 KitKat Update Guide: Schedule and How to Install
- Twin Malaysia Airlines MH370, MH17 Aviation Disasters Create Phobia Among Travellers
- HTC One M8 Windows Phone to Launch for Verizon; Release Date, Price, Five Fresh Features to Anticipate for New Smartphone
- OnePlus One vs. Moto X+1 – Early Specifications, Release Date and Price Faceoff
- Galaxy Note 4 Release Date Ahead of iPhone 6 Sept 2014 Debut; Specced-Up but Remains Plastic-Wrapped – Reports
- LG G2 Android 4.4.4 KitKat Guide: When to Hit Your Region and How to Install