Royal Bank of Scotland Group Plc plans to buy shares in the bank for Chief Executive Officer Stephen Hester that are valued at about 8 million pounds ($12.6 million), the Sunday Times reported, without saying where it obtained the information.
The London-based bank is set to buy shares valued at 4.5 million pounds within weeks as part of a long-term pay plan, in addition to 3.3 million pounds in shares for his bonus this year, according to the newspaper. Hester is set to be awarded 3.6 million shares, worth about 963,000 pounds, for last year.
David Gaffney, a spokesman for the Edinburgh-based bank, declined to comment to Bloomberg News today.
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