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Stock Market & Financial Investment News

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January 27, 2014
11:17 EDTRBSRoyal Bank of Scotland announes 1.9B pound provision
Royal Bank of Scotland said its full year results on February 27 will reflect provisions for litigation and conduct related matters. RBS said its board has decided to provide 1.9B pounds covering various claims and conduct related matters affecting Group companies, primarily those related to mortgage-backed securities and securities related litigation, following recent third party litigation settlements and regulatory decisions. RBS said it will take an additional 465M pound provision for Payment Protection Insurance redress and related costs. It added that Q4 claims experience has continued at previous rates rather than declining as anticipated and claims are now expected to continue for a longer period. The cumulative provision is 3.1B pounds, of which 2.2B pounds had been utilized at December 31, 2013. The remaining provision of 900M pounds covers approximately twelve months of redress and administrative expenses. The bank noted a further 500M pounds provision for Interest Rate Hedging Products redress and administration costs. The increase in provision reflects both higher volumes and anticipated redress payments, recalibration of its methodology based on experience during Q4, and additional administration charges. RBS said. The cumulative provision, including expenses, was 1.25B pounds at December 31, 2013.
News For RBS From The Last 14 Days
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April 15, 2015
06:41 EDTRBSECB authorizes new emergency funding for Greek banks, Reuters reports
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April 13, 2015
11:17 EDTRBSRBS plans to sell Luxembourg-based fund management unit, Reuters reports
Royal Bank of Scotland has appointed PricewaterhouseCoopers to advise on the sale of its Luxembourg-based fund management unit, Reuters reports. The business had $30.1B in assets under administration at the end of last year. Reference Link
April 10, 2015
06:19 EDTRBSNomura, RBS accused of 'deceit' and incompetence' in trial, Financial Times says
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April 6, 2015
06:06 EDTRBSMizuho seen hiring 130 investment bankers from RBS, FT reports
Mizuho (MFG) is reportedly set to poach 130 investment bankers from Royal Bank of Scotland's (RBS) U.S. arm, The Financial Times reports. The Japanese bank announced a deal to buy $36B of loan assets from RBS in February, and that deal is expected to close this week. Reference Link

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