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RBS to withdraw from UK asset protection scheme

Published on Oct 17, 2012 2:45 PM

LONDON (AFP) - The Royal Bank of Scotland, under state control since the British government rescued it in 2008, announced on Wednesday it was going to leave the asset protection scheme, a move that could be seen as the first step toward the bank's reprivatisation.

"The Bank's exit from the APS demonstrates the progress RBS has made in transforming a balance sheet that had become dangerously large and unstable into one that is more conservative, resilient and sustainable," RBS said in a statement, adding that it would leave the scheme effective October 18.