RBS: Economic recovery will begin in 2011
www.moneynews.co.uk > Banking > RBS: Economic recovery will begin in 2011
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Money News |
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RBS: Economic recovery will begin in 2011
Mon 10th Aug 2009
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This is despite the banking group's positive financial results last week. RBS posted profits of £15 million, despite £7.5 billion of write-downs within the first six months of 2009.
Chief executive of the bank Stephen Hester said that the road to recovery will involve a "marathon" rather than a "sprint".
"There will be a couple of years at least of heavy lifting, both for the world economy and for RBS […] the journey will be an arduous one," he stated.
RBS is 70 per cent owned by the taxpayer following a £20 billion bailout.
Last week, the bank sold a substantial portion of its Asian assets to Australian banking group ANZ - including those it holds in countries such as Singapore, Hong Kong, Vietnam and Taiwan.
Click here for more banking news
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