LONDON – The chief executive of Royal Bank of Scotland Group Plc, owner of Providence-based Citizens Financial Group Inc., said Tuesday he is “pleased” with the progress made so far in restructuring the bank.
RBS dodged a number of bullets over the past year that could have “blown up” the bank, Hester said at a parliamentary hearing in London, Bloomberg News reported. The British government became the bank’s majority owner after bailing it out with 45.5 billion pounds ($73 billion).
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“We did not slip on as many banana skins as I thought we might,” Hester said at a hearing of the House of Commons Treasury Committee.
The risks that RBS faces now would be “setbacks” rather than “blow-up events,” he added. “We are, if anything, well ahead of where I thought we would be. … That gives me encouragement to believe that we can hit all of the ambitious targets for the recovery of RBS.”
Hester also said RBS has cut the size of its investment bank in half whether measured by capital or the size of its balance sheet.
