Sir Philip Hampton, the RBS chairman at the time, said the agreement with Mr Hourican was"tough" on the Irish banker and that he was leaving"in recognition of...management issues".
Months after Mr Hourican's departure, Mr Osborne repeated the trick by forcing Sir Philip to sack Mr Hester. Cinven and CVC bought NewDay in January 2017, and a decision on whether to pursue an initial public offering is likely to be between six and 18 months away. It has roughly 4.7 million customer accounts, with credit card receivables standing at £2.3bn at 30 June, 2018.
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