Pressure on Stewart to relinquish RBS role

Feb.16 (GMM) Pressure is mounting on figures including Sir Jackie Stewart to pull out of highly-paid ambassadorial roles with the embattled British bank Royal Bank of Scotland (RBS).

RBS, also a sponsor of the Grove based team Williams, has promotional long-term deals in place with the likes of Stewart, a sponsor representative at grands prix, as well as sports stars Zara Phillips (equestrian), Andy Murray (tennis) and Jack Nicklaus (golf).

In the wake of the global financial crisis, however, a government bailout means that RBS is now effectively majority owned by the British taxpayer.

John Mann MP, a member of the Treasury Select Committee, said of the star figures' ambassadorial deals: "I think it would go down very well with the British public if some of them were to cancel their contracts.

"Some of them would become real heroes if they did."

It is thought that former triple world champion Stewart has earned more than 4m euros through his RBS deal, and is quoted in the media as confirming that he is still "very much" with the bank.

"My contract has nearly two years to run and they always honour contracts," he insisted.

A RBS spokeswoman told The Guardian newspaper: "We are doing our best to strike the right balance between the benefits sponsorships bring ... while managing costs down within contractual constraints."