The Royal Bank of Scotland (RBS) has agreed a deal to scrap its Dividend Access Shares, bringing the resumption of dividend payments by the bank much closer.
The bank - 81% owned by the UK government - on Wednesday agreed a deal with the Treasury to "retire" the special shares, according to reports. A stumbling block had been the European Commission, which has been opposed to banks resuming dividend payouts while still receiving state aid. But the bank said yesterday the Commission had signed off a deal allowing it to amend a state aid agreement put in place at the time of its bail-out in 2008. The bank started talks with the government over buying back and scrapping its Dividend Access Shares last month. Chancellor George Osborne s...
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