June 7, 2018 / 4:09 PM / a year ago

RBS CEO says wants to buy bank's shares back from UK government

FILE PHOTO: Royal Bank of Scotland chief executive Ross McEwan speaks during an interview with Reuters at Canary Wharf in London, Britain July 7, 2015. REUTERS/Neil Hall/File Photo

LONDON (Reuters) - Royal Bank of Scotland (RBS.L) Chief Executive Ross McEwan said on Thursday the bank wants to buy back some of its own shares from the government, if approved by the regulator and if it did not jeopardize the bank’s return to dividend payments.

Britain’s government, which acquired a stake in RBS when it bailed the bank out for 45.5 billion pounds ($61.10 billion)in the financial crisis, restarted the privatization of the bank earlier this week, selling 7.7 percent of its holdings.

“Yes we do want to participate, I think we’ve got plenty of capital,” McEwan said, speaking at a conference in Frankfurt, adding that his first priority would be restoring the bank’s dividends.

Reporting by Emma Rumney, Editing by Lawrence White

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