Law360, London (April 30, 2020, 1:35 PM BST) -- The Royal Bank of Scotland has said there is "no realistic prospect" of the government selling its 62% stake in the company amid the devastating economic fallout of the COVID-19 outbreak.
The government has reaffirmed its commitment to sell its stake in the bank — which it bought in a bailout after the 2008 financial crisis — but it will take longer to do so to accommodate the fallout from the coronavirus outbreak, according to RBS.
"The government has other priorities and more pressing challenges. And so do we," RBS Chairman Howard Davies said at the bank's annual general meeting on Wednesday.
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