RBS chief Stephen Hester to speak at Wakefield meeting with Ed Balls

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The man set to leave as boss of Royal Bank of Scotland with at least a £1.6m payoff will speak at a business meeting in Wakefield next month.

RBS chief executive Stephen Hester, chief executive of RBS, will attend a lunchtime meeting organised by the Institute of Directors (IoS) at Wakefield Town Hall on Friday, July 12.

He will be joined by shadow chancellor and Morley and Outwood MP Ed Balls at the event, which will be co-sponsored by Wakefield Enterprise Partnership.

The pair will speak at the meeting before answering questions.

Mr Hester announced on Wednesday he will leave RBS, which is 84 per cent taxpayer-owned after being bailed out by the government, at the end of the year.

After Mr Hester leaves he will reportedly receive £1.6m in pay and benefits and up to £4m in further benefits over the following three years.

He joined RBS and led a restructuring of the bank following its near collapse during the 2008 financial crisis.

RBS is said to be preparing to be privatised.

To book a place at the event, which will start at 11.30am, log on to www.iod.com/yorkshire/events or call 0113 2430152.