Royal Bank of Scotland grew into one of the world’s biggest banking groups through aggressive acquisitions, but overstretched itself when it tried to buy Dutch banking giant ABN Amro in 2007. The British government pumped 45 billion pounds (US$73 billion) into RBS to keep it afloat in 2008, leaving it 82 per cent state-owned. As of November 2012, the taxpayer faced a loss of 19 billion pounds on the investment.

Mortgage provisions push RBS further into the red

While waiving bonuses for eight top executives for 2013, RBS is seeking shareholders' permission to pay employees bonuses of up to twice their base salary. Photo: EPA

Royal Bank of Scotland, Britain's biggest government-owned lender, is on track for its largest pre-tax loss since 2008 after setting aside a further £3.1 billion (HK$39.8 billion) for legal and compensation claims.

Wednesday, 29 January, 2014, 5:45am

Britain's Serious Fraud Office mulling RBS probe, report says

RBS has been accused in a report by a government adviser of pushing struggling small firms into its 'turnaround' unit, so it could charge higher fees and interest and take control of their assets. Photo: AP

Britain’s Serious Fraud Office is considering the possibility of launching a criminal investigation into allegations that Royal Bank of Scotland mistreated struggling small businesses, the Financial Times reported on Tuesday, citing five people familiar with the matter.

27 Nov 2013 - 9:20am 1 comment

Small firms at mercy of RBS, says report

The British government handed the report to the country's financial watchdogs. Photo: EPA

The Royal Bank of Scotland faced fresh damage to its reputation on Monday after the British government handed financial watchdogs a report claiming it forced small firms to default in order to seize their assets.

26 Nov 2013 - 2:48am

RBS settles with US Securities and Exchange Commission for US$153.7 million over mortgage-backed securities

RBS is just the latest of several banks that have settled with the SEC over sales of risky mortgage securities that helped lead to the global financial crisis. Photo: AFP

The Royal Bank of Scotland has reached a US$153.7 million settlement with the US Securities and Exchange Commission over an investigation into its mortgage-backed securities.

8 Nov 2013 - 12:31pm

RBS branch bidders push for speedy deal, promise growth

RBS was ordered to sell 315 UK branches as a condition of its 2008 taxpayer bailout, which left the bank 81 per cent state-owned. Photo: AFP

Two of the three bidders short-listed to buy 315 bank branches from Royal Bank of Scotland have called for the long-running sale process to be completed as quickly as possible, with one describing the outlets as “slightly neglected” under their current ownership.

20 Aug 2013 - 10:57am

CIMB puts China at heart of growth push

Although Malaysian-based CIMB is looking northwards, it retains a strong network in regional markets, including Indonesia. Photo: AFP

Regional banking group CIMB, which acquired key Asian assets of Royal Bank of Scotland last year, is targeting China for rapid business expansion outside its home market in Malaysia.

19 Aug 2013 - 8:18am

RBS confirms McEwan for top job

RBS has made a profit for consecutive quarters. Photo: Bloomberg

New Zealander Ross McEwan was confirmed as boss of Royal Bank of Scotland yesterday and immediately tasked with recovering British taxpayers' cash from one of the biggest casualties of the credit crunch.

3 Aug 2013 - 4:33am

EU charges banks with blocking exchanges from derivatives market

The European Commission’s latest move against 13 top investment banks could result in heavy fines. Photo: AFP

EU watchdogs have charged 13 top investment banks with blocking exchanges’ access to the lucrative credit derivatives market, hitting the sector with the latest in a growing list of regulatory headaches.

2 Jul 2013 - 1:01pm

Britain to start sale of Lloyds soon, review RBS split

The government has largely ruled out a break-up of RBS. Photo: EPA

Britain is ready to start selling its shares in Lloyds Banking Group and will examine whether to break up Royal Bank of Scotland, Finance Minister George Osborne said, after acknowledging the re-privatisation of RBS remains a long way off.

20 Jun 2013 - 11:16am

RBS boss Hester nudged out as bank seeks leader to guide sale

Outgoing Royal Bank of Scotland chief executive Stephen Hester has been praised by the government and investors for restructuring RBS by slashing risky assets and costs. Photo: Reuters

Royal Bank of Scotland Group boss Stephen Hester will step down later this year, after the bank’s board decided it wanted new leadership to oversee the sale of Britain’s majority stake in the bank, which could take years.

13 Jun 2013 - 2:16pm