Sir Philip Hampton said investors who owned RBS shares before its £45.5bn bailout in October 2008 were likely to be dead before its value recovered to pre-crisis levels, the Telegraph reported.
“I don’t think shareholders’ wealth is likely to be restored any time in my lifetime or some lifetimes beyond,” said Hampton, who became RBS chairman in January 2009.
“Many thousands of shareholders lost an awful lot of money. We have still got a lot of baggage to clear up, which will be difficult.”
Hampton also told shareholders that despite chief executive, Stephen Hester, coming under pressure to give up his bonus the “great majority” of institutional investors had been in favour of awarding him the all-share payment worth nearly £1m.
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