Royal Bank of Scotland (RBS) is on track for a partial privatization sometime in 2014, the part-nationalized lender's chairman Sir Philip Hampton said.
The government has acquired 81 per cent stake in RBS after bailing it out at a cost of £45.5 billion at the peak of economic crisis in 2008.
Sir Philip stressed that returning of the government-owned lenders to private hands was crucial, and it should be done as soon as is practically possible.
The result season has gained momentum and now all eyes turn to Lloyds and RBS. Next week these two part-nationalised banks will take their turn in the spotlight as they will announce their annual results.
Barclays has already announced its annual financial result and there has been hike in its net profit. It has said that the annual net profit of the firm has gone up by 32%.
Project Merlin, has been finally joined in by the four largest banks in UK. These are the HSBC, Barclays, RBS and Lloyds and the information was given by George Osborne to the House of the Commons.
If the project is able to rebuild the bank's relationship with the society, then its objective will be solved and that it is certainly going to be a good news. But there are stipulations in it that may make it unattractive.
Royal Bank of Scotland Group Plc, the largest bank owned by the Government of U. K., is slated to be the lender that will be hit the most by yesterday’s deal with the Treasury for restricting the bonuses and encourage lending, according to analysts. At the end, it might be the British taxpayers who will have to bear the whole cost.
RBS has reduced the bonus amount for investment bankers by 27% to less than 950 million pounds ($1.5 billion), according to the lender bank that amounts to below 50% of the 2.2 billion pounds Barclays Plc had kept aside for bonuses by third quarter end.
As Royal Bank of Scotland (RBS) withdrew from Soteria consortium for privatising Britain's search and rescue operations, the Ministry of Defence Police are now investigating how the commercially sensitive information got into the hands of the bidder.
The £6billion helicopter contract information fell into the hands of the Royal Bank of Scotland-backed consortium bidding. The bidding was supposed to replace Britain's ageing fleet of Sea King helicopters for privatisation of Britain's search and rescue operations.
The managers of government stake in big banks like RBS and Lloyds have defended the structure of the banks and has shown its disregard for breaking them into separate entities of retail and investment arm.
Chairman of UK Financial Investments, Sir David Cooksey has argued and said that if these two banks are broken down then that would greatly destroy their value.
The institute is the one that handles government's shares to the lenders. He has clearly shown his rejection to the argument that calls for these units to be broken down into retail and investment.
Total 22,420 complaints have been accounted by the Companies against the Financial Ombudsman Service.
The number of complaints accounted by the Lloyds TSB was 12,750, whereas Bank of Scotland came up with 6,211 cases in the six months.
High numbers of complaints have been pointed out by the Lloyds Banking Group, whose 43% shares are possessed by the Government.
After RBS, Barclays was on second position in accounting high number of complaints with 9,215 complaints in total.
Total 5,372 and 4,031 complaints have been accounted by the Spanish bank Santander and HSBC, respectively.
The Financial Times today reported that mortgage-backed debt will be now issued by the Britain's state-rescued lender, Royal Bank of Scotland (RBS). It will be the very first time after the monetary crisis that the mortgage-backed debt will be issued by RBS.
Over the next few weeks, it is expected that an agreement to vend debt worth 4.7 billion Pounds (5.6 billion Euros, 7.24 billion Dollars) will be agreed upon. This step will help the bank to get on the path of recovery and will mark a revival for the asset-backed markets also.
American billionaire Warren Buffett is reportedly mulling over plans to table a bid for Royal Bank of Scotland insurance business Direct Line RBS as the Part-nationalised bank is appointing advisers to review options.
As per a report published in the Sunday Times, Mr. Buffett’s investment vehicle Berkshire Hathaway is among the cluster of potential bidders for the bank’s insurance business. The report also named US-based insurer Allstate as one of the potential bidders.
Taking a step as a part of cutting 2,000 jobs all across the United Kingdom, the Royal Bank of Scotland will be seen closing a call centre located in Cardiff.
The Tyndall Street office is likely to close by the middle of the year 2012 and the 257 staff members have been informed about redundancies and that relocation could be taken up as an option.
The changes, when in effect, will see the shutting down of 14 of the 27 offices across the UK.
Recently, Royal Bank of Scotland Chief Executive Stephen Hester said in a panel session at the Glasgow University, “If a man has pneumonia you don’t cut off his leg”. He said the same on the issue of regulations and the economy.
Post his comments, the Chief was lashed out by the Opposition politicians last night.
Staff at the Royal Bank of Scotland has been advised to work from home, fearing further attacks by climate activists on its headquarters.
On Sunday, two women were reportedly arrested following an attack on the Royal Bank of Scotland's (RBS) Edinburgh headquarters by the climate change protesters.
The attack, launched by protesters, showcases agitation towards RBS' investment in oil industry developments across the world. The attack was launched after they marked a day of "mass action" against the bank.
The eco-warriors’ camp protesters have set up a camp near to the Royal Bank of Scotland head office in Gogarburn, west of Edinburgh. According to the activists, RBS is utilising taxpayer’s money for renewable energy projects.
The protesters are expecting as many as 1,000 more people to join the camp.
As per an RBS official, the privately run Bright Horizons nursery school, which is located in the RBS compound, will remain shut down today and on Monday in order to avoid any harm to the children.
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