Banks submit that unreasonable charges pay for a service
by Gill Montia
Story link: Banks submit that unreasonable charges pay for a service
The High Court case brought by the Office of Fair Trading (OFT), over unreasonable bank charges, has heard from defence counsel that unauthorised borrowing is a central feature of any current account.
Laurence Rabinowitz QC, who is acting for Royal Bank of Scotland (RBS), described overdraft facilities as “core” features of accounts, which could mean that [...]
RBS and i-Design agree deal
by Richard Kilner
Story link: RBS and i-Design agree deal
The Royal Bank of Scotland has agreed a deal with advertising technology firm i-Design which will see the company become the software supplier for RBS’ substantial chain of cash machines.
The contract, the largest ever signed by i-Design, will see its coverage of UK cash machines extend to 44%.
The firm has confirmed it is currently negotiating [...]
RBS provides “Emergency Cash” at ATMs
by Gill Montia
Story link: RBS provides “Emergency Cash” at ATMs
Royal Bank of Scotland is introducing a new service to allow customers who have lost their debit cards to access emergency funds.
The scheme will provide a cardless method of withdrawing money from any Royal Bank of Scotland group ATM (The group comprises: Royal Bank of Scotland, NatWest, Ulster Bank and Tesco Personal Finance).
Customers who have [...]
RBS Announce Sub-Prime Writedowns
by Stewart Douglas
Story link: RBS Announce Sub-Prime Writedowns
The Royal Bank of Scotland has today said that it is expecting to have to writedown £1.25 billion worth of exposure to the ill-fated US sub-prime sector, in a week in which the bank announced record pushing financial performance.
Of that loss approximately 25% can be accounted for from ABN Amro’s exposure, which was acquired by [...]
RBS profit above expectations at £10bn
by Gill Montia
Story link: RBS profit above expectations at £10bn
Royal Bank of Scotland (RBS) expects to record pre-tax profit in excess of £10 billion, in 2007.
The news will be a relief to investors who were anticipating a lower figure, after the bank announced that its writedowns in connection with the US sub-prime mortgage crisis and leveraged loans amounted to £1.2 billion.
RBS’s chief executive, [...]
RBS sees £2.5bn wiped from its value
by Richard Kilner
Story link: RBS sees £2.5bn wiped from its value
The Royal Bank of Scotland saw its value tumble by almost £2.5bn yesterday. A leading broker undermined confidence with a negative note the effects of which have had an impact on the general stock market.
The bank’s long-awaited trading update is due out tomorrow, which is expected to include subprime-related writedowns of something between £1-2bn.
Banks have [...]
New Year shock for RBS credit card customers
by Gill Montia
Story link: New Year shock for RBS credit card customers
Two leading credit card providers are reducing the interest-free period available to cardholders who settle their balance each month, in full.
From 1st January, many NatWest and Royal Bank of Scotland (RBS) customers will discover that they now have days, rather than weeks, to pay credit card bills and avoid interest payments.
RBS cardholders currently have around [...]
RBS sub-prime losses of £1.5 billion expected
by Gill Montia
Story link: RBS sub-prime losses of £1.5 billion expected
Royal Bank of Scotland (RBS) will publish a trading statement on Thursday which is expected to include details of a £1.5 billion loss resulting from the credit crisis.
In recent weeks, RBS, which is the UK’s second-largest bank, has maintained that the diverse nature of its operations will allow it to withstand the recent turmoil on [...]
RBS completes property deal to finance Dutch takeover
by Richard Kilner
Story link: RBS completes property deal to finance Dutch takeover
The Royal Bank of Scotland has made a deal to sell 63 of its properties, located throughout the UK, for £800m.
Amongst the properties being sold is a branch in Edinburgh’s West End, on 1 Princes Street, which the RBS will lease from the buyer and continue operating its branch from.
Other properties include a number in [...]
Dresdner posts €575m third-quarter loss
by Gill Montia
Story link: Dresdner posts €575m third-quarter loss
Concerns over the global banking industry have been heightened by the news that Desdner, the Allianz-owned German bank, has posted a loss of €575 million as a result of the US sub-prime mortgage crisis and the ensuing chaos on the money markets.
In its statement, Desdner referred to “financial market turbulence” in the third quarter reducing [...]
RBS to acquire Cheyne Finance
by Gill Montia
Story link: RBS to acquire Cheyne Finance
Royal Bank of Scotland (RBS) is reported to be in negotiations to buy the investment portfolio of Cheyne Finance, the structured investment vehicle owned by Cheyne Capital, the UK hedge fund manager.
Cheyne Finance recently breached insolvency tests and last week became the first fund of its kind to stop making payments to investors holding its [...]
RBS appoints new ABN Amro chief
by Gill Montia
Story link: RBS appoints new ABN Amro chief
Royal Bank of Scotland (RBS) has appointed a new chief executive to ABN Amro, the recently acquired Dutch bank.
The post will be filled by Mark Fisher, a member of the RBS group board. He will replace Rijkman Groenink, who resigned yesterday.
It is reported that Mr Groenink, who had supported a takeover by Barclays, will leave [...]
RBS Over Exposed To Private Equity
by Stewart Douglas
Story link: RBS Over Exposed To Private Equity
The Royal Bank of Scotland has come in for criticism today as the most deeply exposed investment institution to any potential private equity crisis, following the credit market turmoil of the summer months which many fear could lead to similar fallout within the private equity market.
Having secured ABN Amro in an acquisition towards the end [...]
RBS Seal The ABN Amro Deal
by Stewart Douglas
Story link: RBS Seal The ABN Amro Deal
The Royal Bank of Scotland has today announced it has come out on top in the bid to secure ABN Amro, the Dutch commercial bank which has been a takeover target in recent months, and the subject of prolonged negotiation and deal-making.
The consortium led by the Royal Bank of Scotland comprising of several top-rate European [...]
RBS and NatWest combat phishing fraud
by Gill Montia
Story link: RBS and NatWest combat phishing fraud
Royal Bank of Scotland (RBS) and NatWest are issuing new security devices to customers who bank on line.
In future, RBS and NatWest account holders who are setting up payments, such as direct debits, will use debit card readers that generate a new code each time they are used.
The reader looks like a small calculator [...]
ABN reassures RSB consortium
by Gill Montia
Story link: ABN reassures RSB consortium
Royal Bank of Scotland (RBS), which is heading a consortium making a €71 billion bid for ABN Amro, the Dutch bank, will be reassured to know that ABN is on course to achieve its financial targets, despite the recent turmoil on the money markets.
ABN has reported that it expects its capital strength to be marginally [...]
RBS launches contactless payment card
by Gill Montia
Story link: RBS launches contactless payment card
Royal Bank of Scotland (RBS) has been making use of its sponsorship of the AT&T Williams formula one motor racing team, to launch its new contactless debit card.
The AT&T team used the card, which is the first payment card of its type in the UK, to purchase a takeaway at a drive-thru in Billingsgate, London.
This [...]
RBS records record profit
by Gill Montia
Story link: RBS records record profit
Royal Bank of Scotland (RBS), owner of NatWest, recorded an 11% increase in profit, to a record £5.1 billion, in the six months to the end of June 2007.
The performance was particularly strong given that the bank repaid £81million to customers reclaiming bank charges, whilst also footing a £125 million bill for this year’s flood [...]
ABN Armo rejects Barclays and RBS offers
by Gill Montia
Story link: ABN Armo rejects Barclays and RBS offers
Barclays’ bid for ABN Amro, the Dutch bank, has been rejected by the board of ABN, which has also turned away a higher competing bid by a consortium led by Royal Bank of Scotland (RBS).
The Dutch bank had previously been in favour of the Barclays bid, which is mostly in shares, and was worth €63.9 [...]
OFT brings test case on overdraft charges
by Gill Montia
Story link: OFT brings test case on overdraft charges
The Office of Fair Trading (OFT) has forged an agreement with a number of UK banks, including HSBC, Lloyds TSB, Royal Bank of Scotland and Nationwide, to go to court in a test case over overdraft charges.
Thousands of customers have sued their banks for the return of what they consider to be unreasonable fees for [...]
