Firm launched to manage Govt bank shares

Chancellor Alistair Darling says UK Financial Investments (UKFI) will run the Government's shares in RBS and, upon successful merger, HBOS and Lloyds TSB. The three high street banks were part of the UK’s £37bn recapitalisation package unveiled last month. Darling, speaking before the House of Commons Treasury Select Committee, added the company will also oversee the Government’s investments in Northern Rock and Bradford & Bingley. UKFI will help ensure management incentives for banks in which it has shareholdings are based on maximising long-term value and restricting bonus payments ...