SIR FRED LOOKS TO BE RIGHT ON RBS TAKING STAKE IN BANK OF CHINA
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was only in August last year that Sir Fred Goodwin, chief executive of Royal Bank of Scotland, found himself under pressure from shareholders.
They were sceptical of his plan to acquire a 10 per cent stake in Bank of China, a lender with a history of bad debts, and Sir Fred only sealed the shareholders' approval by finding partners to share the risk.
RBS led a consortium that included Merrill Lynch and Li Ka-shing, Asia's richest tycoon, which paid $3.1bn for the 10 per cent stake in China's second-largest lender.
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More than a year on, and Sir Fred can be forgiven for breathing a little easier. After BoC's summer listing in Hong Kong and Shanghai
