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In the biggest bank bailout in the UK to date, the British government has purchased a majority stake in Royal Bank of Scotland, the nation’s second largest bank.
The bailout came on Friday as shareholders bought just 0.2 per cent of shares offered in a fundraising attempt, leaving tax payers with a 60 per cent majority share in the bank.
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Chief executive Stephen Hester said he regretted the lack of interest from shareholders but said he understood that "market sentiment toward the banking sector made this [rights issue] uneconomic in the short term", The Guardian reported.
"We must put the past behind us and move forward with a clear focus on what we need to do next. We will focus on rebuilding RBS on its powerful customer franchises globally and, in time, deliver the economic returns that all our shareholders expect and deserve," he said.
