Rory Cullinan runs the world’s worst bank from a fifth-floor office overlooking Liverpool Street station in London. His 400-person outfit doesn’t lend money or trade securities. Instead, it sells blown-out mortgages, busted loans and entire companies amassed by Royal Bank of Scotland Group Plc before it collapsed in the global financial crash of 2008. On a Friday afternoon in February, Cullinan is savoring a new feeling in his life as a toxic-asset disposal specialist: hope that the worst is finally over.
After less than a month on the job, RSA Insurance Group Plc Chief Executive Officer Stephen Hester announced a stock sale and tapped Warren Buffett for reinsurance to help strengthen the insurer after its scandal in Ireland.
Royal Bank of Scotland Group Plc Chief Executive Officer Stephen Hester said the lender may be ready to be returned to private hands before the 2015 general election, providing a boost for Prime Minister David Cameron.
The sale of the U.K. government’s majority stake in Royal Bank of Scotland Group Plc will depend on how soon regulators, including the Independent Commission on Banking, decide on the future shape of the industry, Chief Executive Officer Stephen Hester said.