RBS News

UK banks enjoy £46bn in subsidies
“Banks occupy a unique position in our economy and enjoy privileges that other industries can never hope for.” The claim comes from the New Economics Foundation (NEF), which argues that the UK’s large banks are benefiting hugely from lower borrowing … Read more »
US agency sues Barclays, HSBC and RBS
Barclays, HSBC and Royal Bank of Scotland (RBS) are listed among 17 financial institutions being sued by the US Federal Housing Finance Agency (FHFA) over the sale of residential mortgage-backed securities (RMBSs). The FHFA came into being in 2008 when … Read more »
Whiteaway Laidlaw acquires Link Loans
Mortgage and savings provider, Whiteaway Laidlaw Bank (WLB) is reported to have acquired secured loan specialist, Link Loans. WLB was itself acquired by the Special Opportunities Fund of RBS Equity Finance in January, having previously been an offshoot of Manchester … Read more »
RBS to bolster investment banking division
Royal Bank of Scotland (RBS) is planning to bolster its investment banking division with new hires, The Daily Telegraph has reported. According to the newspaper, the majority taxpayer-owned bank has handed out mandates to recruitment firms and City headhunters to … Read more »
RBS posts £794m H1 loss
Royal Bank of Scotland has reported a pre-tax loss of £794 million for the six months to the end of June 2011, compared with a profit of over £1.1 billion in the same period of 2010. The result takes account … Read more »
Government launches Big Society Capital
The Government has launched Big Society Capital (BSC), its promised social projects lender. Sir Ronald Cohen, the venture capital and social investment pioneer, has agreed to serve as unpaid interim chair, and Nick O’Donohoe, formerly global head of research at … Read more »
Fed raps RBS over risk management and compliance
The US Federal Reserve Board has issued a “cease and desist order” to Royal Bank of Scotland Group and its branches in New York and Connecticut. The order requires the bank to improve oversight of its US operations, with particular … Read more »
RBS aircraft leasing unit up for sale
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 … Read more »
RBS’s credit union lawsuits total $1.5bn
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 … Read more »
Taxpayer to lose out as regulatory reform impacts Lloyds and RBS
In its annual report published yesterday, UKFI, the body that oversees the taxpayer’s interest in rescued banks, warns that banking regulation reform will reduce the value of the publicly owned elements of Royal Bank of Scotland (RBS) and Lloyds Banking … Read more »
FSA extends scope of RBS inquiry
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 … Read more »
Banks launch SME mentoring scheme
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 … Read more »
Increased capital requirements for systemically important banks
The Group of Governors and Heads of Supervision (GHOS), the oversight body of the Basel Committee on Banking Supervision, have agreed proposals aimed at strengthening the resilience of global systemically important banks (G-SIMBs). These including additional capital requirements and “strong” … Read more »
US credit union regulator sues RBS Securities
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) … Read more »
RBS appoints receiver for Marriott-operated hotels
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 … Read more »
Fairbanking Foundation awards first accreditations
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 … Read more »
FSA: temporary extension to PPI complaints handling deadline
The Financial Services Authority (FSA) has agreed to a temporary extension on time periods for dealing with Payment Protection Insurance (PPI) complaints for Barclays, Lloyds Banking Group and RBS. Normally, PPI complaints have to receive a response within eight weeks … Read more »
BIS warns on bank credit rating downgrades
In its latest quarterly review of developments in international banking and financial markets, the Bank for International Settlements (BIS) warns that more downgrades in banks’ credit ratings can be expected. According to the BIS, the role of credit rating agencies … Read more »
RBS enters Chinese securities market
Royal Bank of Scotland (RBS) has launched a joint venture with China’s Guolian Securities, the BBC has reported. The majority state-owned RBS holds a 33.3% stake in Hua Ying Securities Co., with Guolian Securities holding the remainder. The move makes … Read more »
Moody’s names UK banks in danger of downgrades
Moody’s Investors Service has announced rating reviews across 18 UK financial institutions whose debt and deposit ratings “incorporate an assumption of support from the UK government”. The ratings of 14 of the institutions are being reviewed for possible downgrade regarding … Read more »