Scottish bankers leave after bailout

Denmark News.Net
Monday 13th October, 2008

Two of Scotland's top bank executives have resigned in the wake of a UK government bailout.

The men, from Royal Bank of Scotland and Halifax Bank of Scotland, have announced they will be leaving.

After the UK government announced a £37 billion bail-out, RBS chief executive Fred Goodwin stepped down.

RBS chairman Tom McKillop has also said he will retire.

HBOS chief executive Andy Hornby and chairman Lord Dennis Stevenson are also to stand down from their posts.

The news came as the UK government revealed plans to provide a £20bn bail-out of RBS and a £17bn investment of new capital in HBOS.

Under the bailout package, taxpayers will end up owning about 60% of Royal Bank of Scotland and about 40% of a super retail bank formed by Lloyds TSB buying HBOS.

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