Tag: Royal Bank of Scotland

Nationwide confirms interest in RBS branches

Nationwide confirms interest in RBS branches

Nationwide Building Society, Britain’s biggest mutual lender, has told Reuters news agency that it is interested in purchasing the portfolio of branches being sold by Royal Bank of Scotland. The acquisition would support Nationwide’s plan to start lending to small and medium-sized enterprises. Speaking to Reuters, Nationwide’s chief executive Graham Beale said: “Strategically we want […]

November 27, 2012 More
Taxpayers may never recoup bank bailout money

Taxpayers may never recoup bank bailout money

UK taxpayers may never recover the £66bn spent by the government to bailout RBS and Lloyds Banking Group during the financial crisis, a parliamentary committee has warned. The government bought 40 per cent of Lloyds and 82 per cent of RBS in 2008, when the banks were at risk of collapse. Earlier that year it […]

November 16, 2012 More
RBS initiates talks with Virgin Money over branches

RBS initiates talks with Virgin Money over branches

Royal Bank of Scotland (RBS) is seeking a new buyer for 316 branches after a deal with Santander fell through, and is believed to have approached Virgin Money. RBS is required the sell the branches under the EU conditions attached to the £45 billion bailout it received from the government when it came to the […]

October 17, 2012 More
RBS may be fully nationalised

RBS may be fully nationalised

The Government is believed to be considering plans to buy the 18 per cent of the Royal Bank of Scotland (RBS) it doesn’t already own, bringing the bank under full public ownership. The government purchased 82 per cent of the bank for £45 billion in a rescue deal at the height of the credit crunch. […]

August 2, 2012 More
App enables cardless cash withdrawals at ATMs

App enables cardless cash withdrawals at ATMs

The Getcash smartphone app allows Royal Bank of Scotland and NatWest customers to withdraw money from a cash machine without using a card. Up to £100 a time can be withdrawn at 8,000 RBS, NatWest or Tesco branded ATMs, by customers who have downloaded the free app to their phone. This is significantly less than […]

June 13, 2012 More
Link ATMs will allow charity donations

Link ATMs will allow charity donations

Bank customers will be able to make donations to charity at 12,000 cash machines in the UK, under changes being launched this summer. The initiative is part of the government’s efforts to boost charitable giving and follows a consultation with UK banks. ATMs owned by Royal Bank of Scotland and Bank Machine will be the […]

May 9, 2012 More
RBS chief defends bonuses despite £2bn loss

RBS chief defends bonuses despite £2bn loss

Royal Bank of Scotland made a loss of nearly £2 billion last year but still paid out £785 million in bonuses to staff, including £390 million to investment bankers. The average bonus per group employee was £5,346, but the bank’s 17,0000 investment bankers received an average bonus of £22,941. Bankers’ bonuses have come under intense […]

February 23, 2012 More
Former RBS chief executive loses knighthood

Former RBS chief executive loses knighthood

Fred Goodwin, the former chief executive of the Royal Bank of Scotland (RBS), has been stripped of his knighthood for his role in the bank’s collapse during the 2008 credit crunch. The Queen formally approved the annulment of the honour yesterday, after it was decided Mr Goodwin’s award brought the honours system into disrepute. The […]

February 1, 2012 More
Downing Street won’t micro-manage bonuses

Downing Street won’t micro-manage bonuses

Speaking to the BBC after the Royal Bank of Scotland’s chief executive announced his decision to forgo his bonus this year, the government has said that it will not block bonuses to the bank’s other executives. RBS chief executive Stephen Hester was awarded £963,000 in shares but following pressure from public opinion and MPs he […]

January 30, 2012 More
FSA releases report on RBS failure

FSA releases report on RBS failure

The Financial Services Authority has released its report into the near collapse of the Royal Bank of Scotland in 2008. The report finds that a combination of poor management decisions, inadequate monitoring by the FSA and the global systemic banking crisis, contributed to the bank’s failure. It highlights a number of key factors which led […]

December 13, 2011 More
Lloyds backs down on ATM restrictions

Lloyds backs down on ATM restrictions

Following pressure from the Treasury Select Committee, people who hold basic bank accounts at Lloyds TSB will have access to thousands more cash machines from next year. Basic bank account holders are people who are not eligible to open a standard bank account because they have a poor credit score. In 2006 Lloyds TSB decided […]

December 2, 2011 More
Stocks down as RBS faces US lawsuit

Stocks down as RBS faces US lawsuit

Shares in Royal Bank of Scotland (RBS) lost 10% today after it emerged that the bank is being sued by America’s Federal Housing Finance Agency (FHFA) over the sale of residential mortgage-backed securities (RMBSs). The FHFA was established in July 2008 when Fannie Mae and Freddie Mac had to be rescued which, at the time, […]

September 5, 2011 More
RBS stops some customers from using rival ATMs

RBS stops some customers from using rival ATMs

The Royal Bank of Scotland (RBS) has barred some of its customers from using rival cash machines because the bank incurs a charge each time. The decision will affect almost a million people with basic bank accounts who do not have access to an overdraft or a cheque book. With immediate effect, they will only […]

August 17, 2011 More
RBS H1 profits hit by Greek crisis and PPI costs

RBS H1 profits hit by Greek crisis and PPI costs

The Royal Bank of Scotland (RBS) has today unveiled a loss of £1.4 billion for the six months to the end of June. The bank, which is 84% owned by the taxpayer, said its exposure to the Greek debt crisis and costs relating to the mis-selling of Payment Protection Insurance (PPI) pushed it into a […]

August 5, 2011 More
RBS sued over US mortgage bonds

RBS sued over US mortgage bonds

Royal Bank of Scotland (RBS) is being sued by a division of the US Government for millions of dollars over failed US mortgage bonds – residential mortgage-backed securities (RMBS). Investors lost hundreds of billions of dollars when these types of investments went sour and resulted in the financial crisis in autumn 2008. RBS, which is […]

June 21, 2011 More
RBS offloads Spanish property portfolio

RBS offloads Spanish property portfolio

The Royal Bank of Scotland (RBS), which is 83% owned by the taxpayer, has today announced it has agreed to sell a portfolio of Spanish real estate loans and assets to Perella Weinberg Real Estate Fund I LP, in a deal worth £247 million (€286 million). RBS has been selling assets under the orders of […]

March 23, 2011 More
RBS discloses pay details for 323 key staff

RBS discloses pay details for 323 key staff

Royal Bank of Scotland (RBS), which is 83% owned by the taxpayer, has disclosed details of the amount of money it paid to its key staff in 2010. The bank said its 323 key staff were paid a total of £375 million last year – after already divulging its chief executive, Stephen Hester, received a […]

March 18, 2011 More
RBS chief exec in line for £7.7m pay package

RBS chief exec in line for £7.7m pay package

The Royal Bank of Scotland (RBS) has today revealed its chief executive, Stephen Hester, will receive an extra shares bonus worth up to £4.5 million – taking his total pay package to £7.7 million for 2010. The bank, which is 83% owned by the taxpayer, also unveiled bonus payments for several of its other executives. […]

March 8, 2011 More
RBS posts 2010 loss of £1.13bn

RBS posts 2010 loss of £1.13bn

Royal Bank of Scotland (RBS), which is 84% owned by the taxpayer, has today reported a net attributable loss of £1.13 billion for the 2010 year. While the loss is down from the £3.6 billion reported for 2009, it was higher than analysts had expected. The results are also a significant improvement on the £24.1 […]

February 24, 2011 More
Lloyds to close equity markets division

Lloyds to close equity markets division

Lloyds Banking Group has announced it will close down its Equity Markets division – as part of its strategy to dispose of non-core assets. The division has around a dozen employees and the announcement comes shortly after the bank said 200 jobs would go at its insurance arm. Since the onset of the financial crisis, […]

February 16, 2011 More