|February 12, 2014|
|11:49 EDT||RBS||Moody's reviewing Royal Bank of Scotland's ratings for downgrade|
Moody's Investors Service has placed on review for downgrade Royal Bank of Scotland plc's A3 supported long-term debt and deposit ratings, the ratings for the bank's subordinated debt, junior subordinated debt and capital instruments. The long-term ratings of the holding the company, Royal Bank of Scotland Group plc, were also placed on review for downgrade. The firm's Prime-2 short-term ratings were affirmed. Moody's rating action follows the publication of a recent trading update, in which RBS's management indicated that the group's year-end 2013 results would be materially impacted by additional provisions for pending litigations and conduct-related costs. As a result, the bank will report a weaker than previously anticipated regulatory capital position at end-December 2013, weakening its standalone credit profile. During the review, Moody's will assess whether the bank's credit fundamentals remain compatible with the current ratings given (1) the challenges and risks RBS faces in relation to the execution of its recovery plan; and (2) any actions that RBS's management could pursue in the short-term that could effectively mitigate these risks and further boost the bank's regulatory capital position. Moody's has placed on review for downgrade all long-term ratings of National Westminster Bank plc and Royal Bank of Scotland NV.
News For RBS From The Last 14 Days
Check below for free stories on RBS the last two weeks.
|July 23, 2014|
|09:00 EDT||RBS||U.K. committee chair says RBS 'willfully obtuse' with evidence, Reuters says|
The chairman of the U.K.'s Treasury Select Committee accused Royal Bank of Scotland of being "willfully obtuse" when giving evidence to lawmakers probing its Global Restructuring Group unit, which deals with corporate clients who find themselves in financial distress, said Reuters. Reference Link
|06:56 EDT||RBS||RBS could sell Ulster Bank to private equity firm, Irish Examiner reports|
Royal Bank of Scotland (RBS) is considering selling its Ulster Bank unit to a private equity firm, the Irish Examiner. A purchase price for the unit could be anywhere between EUR500M-EUR2.5B, depending on what assets are included in the sale, the publication says. KKR (KKR) and Apollo (APO) are rumored buyers for the unit. Reference Link
|July 18, 2014|
|11:21 EDT||RBS||British antitrust regulator to investigate country's banks, NY Times reports|
The U.K.'s antitrust authorities said they expected to open a formal investigation into Britain's retail banking industry, reports the New York Times. The regulators cited barriers to competition that include control of a national network of branches by four large banks that control more than three-quarters of the market. Reference Link
|06:31 EDT||RBS||RBS winds-down distressed-debt unit as Weiss leaves, Bloomberg says|
Royal Bank of Scotland is capping a distressed-debt division as it scales back its investment firm to revive profitability, according to Bloomberg citing three people familiar with the matter. The sources said that global head of a special situations group, Jon Weiss, departed this month. Reference Link
|06:20 EDT||RBS||RBS considers selling Coutts' overseas operations, FT reports|
Royal Bank of Scotland is eyeing the sale of Coutts' overseas operations, the Financial Times reports. The bank is currently conducting a review of its wealth management division. Reference Link
|July 11, 2014|
|06:48 EDT||RBS||Bank of England says banks' capital requirement could rise, Reuters reports|
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|July 10, 2014|
|07:08 EDT||RBS||ECB keeps tight grip on banks with health check results, Reuters says|
The European Central Bank is targeting to keep a tight grip banks in the final phase of a balance sheet health check in October, giving them only 48 hours to review the test results before publishing them, according to Reuters, citing two people familiar with the matter. The assessment will look into banks’ balance sheets and measure their ability to handle shock and stress. Publicly traded European banks include Banco Santander (SAN), Barclays (BCS), Credit Suisse (CS), Deutsche Bank (DB), HSBC (HSBC), ING Groep (ING), Lloyds Banking (LYG), Royal Bank of Scotland (RBS) and UBS (UBS).