EDINBURGH (Reuters) - Royal Bank of Scotland’s (RBS.L) chief executive and management team need to be given the freedom to complete their five-year turnaround plan without excessive interference, the British bank’s chairman said.
“There are ... still risks on the horizon and the task of rebuilding RBS has some way to go,” Philip Hampton said on Wednesday, adding it was important management “is given the support and the freedom they need to continue their work”.
A row flared up earlier this year over the bonus awarded to CEO Stephen Hester, which prompted criticism there was too much political interference in the bank, 83 percent owned by Britain.
Hampton said RBS’s insurance arm, Direct Line, was “increasingly well positioned for a planned flotation of the business”, scheduled for the fourth quarter.
Reporting by Matt Scuffham; Writing by Steve Slater; Editing by Dan Lalor