Royal Bank of Scotland (RBS) has cleared the sale of RBS Aviation Capital, its aircraft leasing and financing subsidiary. The business employs 90 staff across offices in Dublin, London, New York, Hong Kong, Shanghai, Toulouse, Beijing, Singapore and Tokyo. It currently serves 100 airline customers in 38 countries, and has total lending and owned assets [...]
The US National Credit Union Administration (NCUA) has this week filed another lawsuit against RBS Securities, alleging violations of federal and state securities laws and misrepresentations in the sale of securities to the failed Western Corporate Federal Credit Union. The latest action seeks damages in excess of $629 million, which when added to previous damages [...]
The Financial Services Authority (FSA) would appear to have extended the scope of its investigations into the near collapse of Royal Bank of Scotland (RBS). According to a report in The Guardian, the regulator is including the group’s acquisition in 2004 of US bank, Charter One, in its long-awaited report. RBS’s aggressive expansion strategy in [...]
The UK’s five-largest High Street banks have launched a mentoring scheme for small and medium-sized enterprises. Set up by Barclays, HSBC, RBS, Lloyds and Santander, the scheme will offer support on a range of issues, from finance to marketing and HR. Firms will receive support from networks of mentors, including current and retired bank staff. [...]
RBS Securities and J.P.Morgan Securities are being sued by the regulator of credit unions in the US, which alleges that the firms violated federal and state securities laws, having misrepresented the sale mortgage-backed securities. The National Credit Union Administration (NCUA) is attempting to recover losses from the purchase of securities that it claims caused the [...]
Royal Bank of Scotland is reported to have appointed Ernst & Young as receiver for a portfolio of 42 Marriott-operated hotels across the UK. According to The Irish Times, private equity firm, Quinlan Private, acquired the portfolio in 2007 in conjunction with a group of Israeli investors, and RBS financed the bulk of the £900 [...]
The Fairbanking Foundation has granted only four of its new accreditations to banks and building societies. The research charity is dedicated to helping banks improve the financial wellbeing of their customers, and in following its mission it assesses products to see whether they allow people to better control their money and achieve their financial goals. [...]
Royal Bank of Scotland (RBS) posted a loss of £528 million in the first quarter of 2011, compared with a profit of £12 million in the previous three month period. The result includes an Asset Protection Scheme (APS) charge of £469 million and a charge for movements in the fair value of own debt of [...]
The House of Commons Treasury Select Committee has requested independent experts to carry out a review of the Financial Services Authority’s long-awaited report into the failure of Royal Bank of Scotland (RBS). The yet to be published report will include analysis of the causes of RBS’s failure, a summary of the findings of the FSA [...]
RBS has launched an improved investor relations website in efforts to deliver “best in class” to its shareholders. Developments include: Simpler navigation to access the group’s disclosure, including an Excel-based financial supplement with eight quarters of historic data. A new Strategy section addressing the group investor story and key performance indicators. A redeveloped fixed-income investor [...]
