RBS bosses face AGM grilling over closures

Ross McEwan, Chief Executive of The Royal Bank of Scotland Group photographed at the RBS headquarters in St Andrew Square, Edinburgh.
Ross McEwan, Chief Executive of The Royal Bank of Scotland Group photographed at the RBS headquarters in St Andrew Square, Edinburgh.
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Royal Bank of Scotland chief executives Ross McEwan and his directors are expected to face a barrage of questions from shareholders over dividends, branch closures and re-privatisation at the lender’s annual meeting this week.

The bank is also likely to be grilled at tomorrow’s AGM in Edinburgh over plans to shut local branches following a review of its network.

The bank, 72 per cent owned by the taxpayer, is likely to be quizzed over plans to kickstart dividend payments after recently agreeing a £3.6 billion settlement with US regulators.

The deal, which related to claims RBS mis-sold toxic mortgage bonds in the run-up to the financial crisis, paves the way for the resumption of payouts, ending a barren decade for investors.

McEwan said earlier in May that the bank would have conversations with the regulator “in the next month or so” over relaunching shareholder payouts, which analysts at Jefferies say could start at 6p per share.