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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Natwest Group Plc | LSE:NWG | London | Ordinary Share | GB00BM8PJY71 | ORD 107.69P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
2.20 | 0.73% | 305.40 | 305.10 | 305.30 | 307.20 | 304.20 | 304.90 | 3,001,161 | 12:37:52 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Commercial Banks, Nec | 14.77B | 4.64B | 0.5271 | 5.79 | 26.85B |
By Max Colchester
LONDON-- Royal Bank of Scotland Group PLC on Wednesday received approval to pay GBP1.5 billion ($2.50 billion) to the U.K. government to clear the way for it to eventually start paying dividends to its shareholders.
Following its GBP45.5 taxpayer bailout, the British government imposed a requirement that the RBS needed to pay a special dividend to the U.K. Treasury before it can start paying any dividends to ordinary shareholders. RBS said Wednesday that it had struck a deal with both the U.K. Treasury and the European Commission.
The EC said Wednesday that the bank's restructuring plan complied with EU state aid rules and the so-called dividend blocker therefore could be lifted.
RBS proposed to pay a first installment of GBP320 million toward extricating itself from the dividend blocker. The U.K. government accepted that proposal; the agreement has to be ratified by shareholders at this year's annual general meeting in June.
The decision remains largely symbolic for the bank. It is unclear when RBS will actually recommence dividend payments. RBS has racked up around GBP46 billion in losses since 2008 and analysts don't see the bank handing payouts to shareholders for several years.
"This is another important step on the road to a more resilient banking system and in dealing with the problems of the past to get taxpayer's money back," said U.K. Chancellor of the Exchequer George Osborne.
RBS Chief Executive Ross McEwan described the agreement as "a vote of confidence in the progress we have made in rebuilding RBS."
After the 2008 bailout, the European Commission ruled that RBS would have to shed 316 branches to meet EU competition rules that were triggered by the bank's taxpayer bailout.
On Wednesday, the EC agreed to give RBS more time to sell those branches by the end of 2017.
Write to Max Colchester at max.colchester@wsj.com
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