Sir George Mathewson is still on the Royal Bank Of Scotland payroll
While nearly 2 years have passed since Sir George Mathewson stepped down from his position as chairman of the Royal Bank of Scotland it appears as though Sir George is still on the payroll receiving £75,000 a year in his capacity as a consultant to the company. When you consider that Sir George is one of the two leading lights in the Scottish banking sector that have attacked the HBOS takeover and suggested they should be given control to manage the group, it highlights a potential conflict of interest.
Even though there is no suggestion of impropriety at all, the fact that somebody on the Royal Bank Of Scotland payroll is attacking the HBOS merger and suggesting alternative rescue packages does somewhat weaken the offer. The alternative rescue package has already been dismissed out of hand by both HBOS and Lloyds TSB but in reality it is up to shareholders in the two companies to allow the merger to continue.
Slowly but surely it seems as though the alternatives to the Lloyds TSB offer are falling by the wayside potentially leaving the door open for Lloyds TSB to conclude the deal.
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