RBS to cut 3,500 UK jobs
by Gill Montia
Story link: RBS to cut 3,500 UK jobs
Royal Bank of Scotland (RBS) is to cut 3,500 UK jobs as it closes up to 12 offices and completes the sale of 318 branches (as required by the EU Competition Commission) to Santander.
The 84% state-owned group is continuing a restructure having already reduced its headcount by around 4,000 last year.
According to a BBC report, [...]
Climate activists swoop on RBS headquarters
by Gill Montia
Story link: Climate activists swoop on RBS headquarters
Climate activists have “swooped” on Royal Bank of Scotland’s (RBS) Edinburgh headquarters, at Gogarburn.
Around one hundred members of Camp for Climate Action (CCA) are already established with their marquees, eco-toilets and kitchens, and hundreds more are expected to arrive over the next few days.
CCA spokeswomen, Ruth McTernan, says: “It’s been a dramatic start to what’s [...]
RBS develops bancassurance with Aviva
by Gill Montia
Story link: RBS develops bancassurance with Aviva
Royal Bank of Scotland (RBS) has announced that it is close to agreeing terms for a new distribution agreement with Aviva.
The companies, which have an existing joint venture covering protection, pension and investment products, are keen to “better aligning” their incentives.
Under the new arrangement, Aviva will provide protection and selective pension products but RBS [...]
RBS achieves £1.56bn first-half profit
by Gill Montia
Story link: RBS achieves £1.56bn first-half profit
Royal Bank of Scotland (RBS) has reported operating profit of £1.56 billion for the first half of 2010, compared with an operating loss of £3.35 billion in the same period of 2009.
In the second quarter, pre-tax profit came in at £1.15 billion, compared with a pre-tax loss of £21 million in the first three [...]
Santander to acquire 318 branches from RBS
by Richard Kilner
Story link: Santander to acquire 318 branches from RBS
Spanish banking giant Banco Santander is to acquire 318 branches from Royal Bank of Scotland Group (RBS), for an estimated cost of £1.65bn (around €1.99bn), lower than the £2bn RBS had been hoping for.
The deal is expected to be concluded in 15-18 months, subject to the necessary regulatory green lights.
Santander will acquire 311 RBS branches [...]
RBS fined £5.6 million for sanctions breach
by Gill Montia
Story link: RBS fined £5.6 million for sanctions breach
The Financial Services Authority (FSA) has fined members of the Royal Bank of Scotland Group (RBSG) £5.6 million for not having systems and controls in place to prevent breaches of UK financial sanctions.
UK firms are required to maintain policies and procedures that ensure they do not provide financial services to persons on the HM Treasury [...]
Taxpayer to see £5bn profit from APS
by Gill Montia
Story link: Taxpayer to see £5bn profit from APS
The Asset Protection Agency (APA) has confirmed that it is on course to make a profit of £5 billion for the taxpayer.
The Agency operates the Asset Protection Scheme (APS) that allowed Royal Bank of Scotland (RBS) and Lloyds Banking Group to offload toxic debt into a government-backed insurance scheme.
According to a report in The Daily [...]
Goldman pays $550m to settle ABACUS fraud charges
by Gill Montia
Story link: Goldman pays $550m to settle ABACUS fraud charges
Goldman Sachs is to pay a $550 million penalty to the US Securities and Exchange Commission (SEC), following allegations of fraud.
In 2007, the bank structured and marketed a collateralised debt obligation (CDO) that turned sour.
In April of this year, the SEC alleged that Goldman allowed one of its clients, hedge fund Paulson & Co, to [...]
UK banks alleged to have mis-sold mortgage-backed securities
by Gill Montia
Story link: UK banks alleged to have mis-sold mortgage-backed securities
HSBC, Barclays and Royal Bank of Scotland are among 15 banks being sued in the US for mis-selling mortgage-backed securities, The Daily Telegraph has reported.
Boston-based investment firm, Cambridge Place Investment Partners, has also named JPMorgan, Citigroup, Credit Suisse, Deutsche Bank, Merrill Lynch, UBS, Goldman Sachs and Morgan Stanley as alleged mis-sellers.
All the banks involved [...]
HSBC to acquire Indian operations of RBS
by Gill Montia
Story link: HSBC to acquire Indian operations of RBS
Royal Bank of Scotland (RBS) is selling its Indian Retail & Commercial banking operations to HSBC.
Subject to regulatory approvals, the transaction will take the form of an asset and liability transfer that will complete in the first half of 2011, when just over 1,800 RBS staff will move across to HSBC.
According to the formula, HSBC [...]
RBS world’s fourth-largest lender
by Gill Montia
Story link: RBS world’s fourth-largest lender
In its annual review of the world’s top 1,000 banks, The Banker magazine has ranked Royal Bank of Scotland (RBS) as the world’s fourth-largest lender.
Bank of America Merrill Lynch heads the list, followed by JP Morgan Chase and Citigroup.
The UK’s HSBC, Barclays and Lloyds Banking Group also appear in the top 15, taking fifth, [...]
Santander sole bidder for RBS branches
by Gill Montia
Story link: Santander sole bidder for RBS branches
Santander has emerged as the sole bidder for the 318 branches put up for sale by Royal Bank of Scotland (RBS).
RSB needs to sell the network to appease the EU Competition Commission with regard to its level of taxpayer support.
However, it has until 2013 to make its divestment and Santander is understood to have made [...]
ANZ completes acquisition from RBS in Indonesia
by Richard Kilner
Story link: ANZ completes acquisition from RBS in Indonesia
ANZ has announced that its acquisition of The Royal Bank of Scotland’s (RBS) retail, commercial and private banking businesses in Indonesia has been completed.
It is the final stage in a move which saw ANZ acquire RBS businesses in half a dozen Asian nations.
Alex Thursby, ANZ’s CEO for Asia Pacific, Europe and America, has stated that [...]
ADCB to acquire RBS’ UAE retail banking business
by Richard Kilner
Story link: ADCB to acquire RBS’ UAE retail banking business
The retail banking business of The Royal Bank of Scotland (RBS) in the United Arab Emirates (UAE) is to be acquired by Abu Dhabi Commercial Bank (ADCB).
The agreement, signed yesterday, is subject to the approval of the UAE Central Bank.
The move represents a significant milestone, as it would be the first ever instance in the [...]
RBS launches customer charter
by Gill Montia
Story link: RBS launches customer charter
Royal Bank of Scotland (RBS) and subsidiary NatWest have launched a customer charter which promises to make banking easier.
The banks’ commitments include extending the opening hours at their busiest branches and serving most branch customers within five minutes.
They also aim to provide a clear product range with simply explained features and charges, and to continue [...]
RBS cuts 500 UK jobs from wealth division
by Gill Montia
Story link: RBS cuts 500 UK jobs from wealth division
Royal Bank of Scotland (RBS) is to cut a further 500 UK jobs.
The 84% state-owned bank is reducing the headcount at its wealth management unit, which includes London-based Coutts & Co and Edinburgh-based Adam & Company.
The division employs around 3,500 in the UK in all and job losses will be phased in over three years, [...]
Former RBS director agrees to FSA undertaking
by Gill Montia
Story link: Former RBS director agrees to FSA undertaking
The Financial Services Authority (FSA) has announced that it has been carrying out an investigation into Johnny Cameron, a former executive director of Royal Bank of Scotland Group plc (RBS) and former chairman of global markets.
Mr Cameron has agreed to settle with the FSA on the basis that he will not:
Perform any significant influence function [...]
RBS settles ABN money laundering charges
by Gill Montia
Story link: RBS settles ABN money laundering charges
Royal Bank of Scotland (RBS) has agreed to pay $500 million to settle a money laundering case that relates to its acquisition of ABN Amro in 2007.
ABN has since faced charges in the US for allegedly flouting sanctions on cash transfers from countries with links to terrorist organisations, such as Libya and Iran.
It is understood [...]
Virgin priced out of RBS branch sale
by Gill Montia
Story link: Virgin priced out of RBS branch sale
Virgin Money’s plans to acquire 318 branches from Royal Bank of Scotland (RBS) are reported to have been scuppered by a price tag of over £2 billion.
RSB needs to sell the network to appease the EU competition commission.
National Australia Bank, Santander and other Spanish banking group, BBVA, are all understood to be retaining their interest, [...]
RBS announces 2,600 UK job losses
by Gill Montia
Story link: RBS announces 2,600 UK job losses
Royal Bank of Scotland (RBS) has announced that it will be cutting a further 2,600 jobs in the UK in the next year.
The bank’s insurance division, which includes Direct Line and Churchill, will suffer the worst of the cull in preparation for an eventual sale.
Around 600 posts will go at the group’s Edinburgh and [...]
