Royal Bank of Scotland chief says sorry to shareholders
Sir Tom McKillop has today apologised to shareholders of the Royal Bank of Scotland after the group was dragged down in the wake of the credit crunch and ongoing economic slowdown in the UK. This was one of the most proactive and forward thinking banking institutions in the UK and had grown from a relatively small base over the last 15 years.
However in light of the credit crunch in the US and the ongoing worldwide economic slowdown a number of frailties and potentially risky investment opportunities have been revealed. The company has had to go cap in hand to the UK government in order to firm up its balance sheet and set about making plans for the future. It would be wrong to suggest that Royal Bank of Scotland is the only banking company in the UK which has made mistakes, but it appears to be the one which has paid the highest price.
However, unlike HBOS the Royal Bank of Scotland is still alive and kicking and likely to benefit as and when the UK economy picks up. Whether the "profoundly sorry" statement is too little too late is rather irrelevant at this moment in time.
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