Royal Bank of Scotland (RBS) chief executive Ross McEwan yesterday hinted that bank will be able to resume paying dividends within just a few months.
At a conference in Frankfurt arranged by Goldman Sachs, McEwan said that he is confident in the bank’s ability to pass the stress tests set by the Bank of England this year.
The bank only just failed last year’s stress test, which is designed to ensure that it could withstand another financial crisis, and passing this was one of the conditions set out by the Bank of England regulator, the Prudential Regulation Authority, for it to resume paying dividends.
RBS was bailed out by the government in 2008 at the height of the financial crisis and has not been able to pay a dividend in over a decade. New executives have worked to restructure the institution and push it back to profitability, and resuming dividends could additionally help the Treasury sell down at a smaller loss.
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