RBS review after bailout bid agreed

Nov 21 2008

A full review of Royal Bank of Scotland is getting under way after shareholders overwhelmingly approved a £20 billion bail-out plan for the company.

The bank's new chief executive Stephen Hester conceded that job losses were expected, but said he wanted RBS to move forward following its financial difficulties.

At a general meeting of the RBS Group in Edinburgh, shareholders voted 99% in favour of the rescue plan, which will see the bank offer £15 billion in new ordinary shares, with the Government promising to buy up any remaining.