UKFI warns on RBS share sale

Tim Wallace
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THE GOVERNMENT will not be able to prepare to sell its stake in RBS until the bank’s business model is clarified and becomes stable, shareholding agency UK Financial Investments warned yesterday.

It comes after the government has pushed the bank to cut back its investment banking and foreign operations and to focus on UK retail lending. But UKFI said Lloyds’ privatisation prospects are better as it makes a return to profits.

Meanwhile Sky News last night reported Association of British Insurers director and former investment banker Robert Hingley is in the running to take over from outgoing UKFI head Jim O’Neil.