RBS shareholders approve share buy back scheme from Treasury

Royal Bank of Scotland (RBS) shareholders have agreed to a plan that allows it to buy up to £1.5bn worth of shares from the government, just hours after the Labour party announced it would prevent such a move if it came to power.

At a general meeting, almost 99 per cent (98.7) of investors supported the proposal which is intended to speed up the process of privatising the bank, which is still 62 per cent state owned due to its £45bn bailout during the 2008 financial crisis.

If the scheme is approved by the Bank of England, it would allow RBS to buy shares back from the Treasury at a rate of 4.99 per cent a year.

Chancellor Philip Hammond highlighted that the government intends to cease ownership of the bank by 2024 in his 2018 autumn Budget.

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