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RBS's luck runs out as Stephen Hester's track record at Abbey National suggests bad news for RBS Aviation Capital
02 March 2009
With the future of RBS Aviation Capital in doubt, it is worth remembering that Royal Bank of Scotland's (RBS) chief executive has already closed one aircraft leasing company before. A brief history of RBS Aviation Capital.
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Stephen Hester
RBS
RBS Aviation Capital
WestLB
In late 2000 Domnhal Slattery and his colleagues at IAMG, a small aircraft finance arranger in the Cayman Islands, decided to sell the company. Having formed IAMG after the collapse of GPA they realised the cyclical nature of the industry and the benefits of having a strong financial owner. In retrospect, their timing was perfect. They were also lucky.Two UK banks came close to acquiring the company: Abbey National, a former mutualised building society with an aggressive and very profitable treasury services division; and Royal Bank of Scotland, a 200 year old Scottish bank that had recently turned from being an acquisition...
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