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Bank charges: George Osborne denies making RBS boss leave

Chancellor George Osborne denied that he made the former chief executive of Royal Bank of Scotland (RBS), Stephen Hester, leave his post at the majority state-owned bank.

Following Mr Hester's announcement last week that he would be stepping down from his role at RBS, the chancellor has insisted that the ex-boss left of his own accord.

However, Mr Osborne added on Radio 4's Today programme that Mr Hester did seek his consent and approval.

The state-backed bank will now need to gain a new chief executive as it tries to become privatised again, helping taxpayers get back the money they lost when it had to be bailed out during the financial crisis.

Although Mr Hester said he had hoped to see the bank return to privatisation, he will be leaving his position in December. Meanwhile, the Treasury said it wishes to see public shares in the bank sold by roughly the same time in 2014.

Moves towards privatisation at RBS may have been slowed somewhat last year when the bank was tied up in such incidents as the payment protection insurance mis-selling and Libor rigging scandals.

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801600500-ADNFCR

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