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RBS CEO hopeful of reaching US RMBS settlement in 2018

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RBS CEO hopeful of reaching US RMBS settlement in 2018

Royal Bank of Scotland Group Plc CEO Ross McEwan is hoping that the lender will be able to reach a settlement in 2018 with the U.S. Department of Justice over the alleged misselling of residential mortgage-backed securities, Reuters reported March 20.

The lender said in February that it remained in talks with the DOJ over the matter and that the duration, timing for resolution and outcome of the probe is still uncertain. RBS had set aside total aggregate provisions in relation to U.S. RMBS of £3.2 billion as of 2017-end.

"I've got the timing of this completely wrong for the last 15 months, I thought we would've had it tidied by end-2017," McEwan reportedly said at a London conference.

The U.K. government is aiming to quickly restart selling off its majority stake in RBS once the bank settles the issue with U.S. authorities.