Cameron calls on RBS to speed up restructuring

19 February 2013

David Cameron has urged the Royal Bank of Scotland (RBS) to accelerate its process of restructuring in the aftermath of the global economic slump.

In a speech delivered yesterday (18 February) during his state visit to India, the UK prime minister insisted the major financier will be reprivatized sooner rather than later and therefore called on officials to step up their efforts to overhaul its business practices.

At the height of the worldwide financial crisis in 2008, the British government used taxpayers' money to bailout RBS, which was on the verge of collapsing. As such, the bank is now 82 per cent state-owned.

Upon being asked about the possibility of the government giving away its stake in the company by 2015, Mr Cameron stated: "The first job is to turn around the performance of RBS and to strengthen its balance sheet, strengthen its business and that's what Stephen Hester and his team are doing."

The prime minister went on to say he will "examine all possibilities" with regard to returning the bank to the private sector.

By Gary Cooper

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