RBS boss: Brexit could delay sell off plans

Ryan Fowler

July 5, 2016

london stock exchange

Royal Bank of Scotland boss Ross McEwan has said that the vote to leave the European Union had been “a real hit to the bank” and would affect the government’s sale of its remaining shares.

He said the public’s decision to exit the bloc could add at least two more years to the governments plans to see off its stake in the the bank.

Speaking to LBC radio the RBS chief executive said: “This will be a setback, let’s be honest. I think at least a couple of years it will be pushed back.”

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McEwan also reiterated that RBS would move its registered headquarters from Edinburgh if Scotland votes to leave the UK in a second independence referendum.

He said: “We’ll work with the government up there. We’ve already had conversations with them about how you create certainty in these times. And we will be positioned to look after customers no matter what happens.”

McEwan had previously said before the first referendum that RBS would relocate its registered headquarters to London if Scotland voted to leave the UK.

RBS is still 73% owned by taxpayers after being bailed out eight years ago.