In a contrite appearance before British parliamentarians, Sir Tom McKillop, former chairman of Royal Bank of Scotland, called the bank's acquisition of Dutch bank ABN Amro at the height of the boom in financial markets “a bad mistake”.
Sir Tom and Sir Fred Goodwin, former chief executive of the now government-controlled RBS, told a committee of MPs in London that they had overpaid for the Dutch lender, which they bought as part of a consortium.
“Anything we paid . . . we overpaid. Everything we paid has not been worth it . . . we are sorry we bought ABN,” said Sir Tom.
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