• Fri
  • Dec 19, 2014
  • Updated: 10:18am

Royal Bank of Scotland

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.

US and UK forex probes could bring more pain to banks

Citi has agreed to pay a US$1.02 billion fine as part of the deal to settle civil claims of foreign exchange rate rigging. Photo: Bloomberg

The US$4.3 billion in civil settlements struck between six global banks and US and British authorities over foreign exchange market manipulation sets the stage for negotiations over related probes that could bear much more severe consequences.

Friday, 14 November, 2014, 3:05am

HSBC among five banks fined US$3.4 billion for rigging foreign exchange market

About US$5 trillion changes hands in global foreign exchange trades every day, much of it controlled by big banks. Photo: Reuters

US, British and Swiss regulators fined HSBC and four other global banks more than US$3 billion for attempting to manipulate foreign exchange markets.

13 Nov 2014 - 7:53am 3 comments

RBS to relocate to England if Scotland votes for independence

RBS's proposal to move to London from Edinburgh if voters backed independence was first reported by the BBC. Photo: AFP

Scottish First Minister Alex Salmond has demanded a probe into the disclosure of Royal Bank of Scotland's potential move to England.

12 Sep 2014 - 6:19am 2 comments

RBS agrees to buy back structured notes sold by Lehman at 100pc

RBS agrees to buy back Lehman products at 100pc. Photo: AFP

RBS is the latest bank to reach a settlement with the Securities and Futures Commission and the Hong Kong Monetary Authority after investigations into whether bank staff mis-sold risky products to customers.

19 Jul 2013 - 5:32am

UK prosecutor promises hefty evidence in first Libor fixing case

Tom Hayes, pictured here surrounded by media after a June court appearance, is the first suspect to come to court. Photo: AP

British prosecutors say they have extensive evidence against former trader Tom Hayes, the first suspect to come to court following a global investigation into the suspected rigging of interbank lending rates.

5 Jul 2013 - 10:47am

UK asks Rothschild to advise on possible RBS break-up

Britain is considering whether to split up Royal Bank of Scotland, which is now 81-per cent government owned. Photo: AFP

Britain’s finance ministry has appointed investment bank Rothschild to advise on the potential break-up of part-nationalised Royal Bank of Scotland .

Finance Minister George Osborne said in June that Britain would examine whether to split the bank up, after acknowledging a sale of the government’s 81 per cent stake in the bank remained a long way off.

4 Jul 2013 - 10:14am

RBS faces struggle to find boss amid political meddling

Britain holds a controlling 81 per cent stake in RBS after pumping 45.5 billion pounds (US$71 billion) in to keep it afloat during the 2008 financial crisis. Photo: AP

Royal Bank of Scotland will struggle to recruit a suitable replacement for ousted chief executive Stephen Hester, someone who must steer it through privatisation and accept that political interference comes with the job.

14 Jun 2013 - 11:05am

British banks cut 189,000 jobs, take staff numbers to nine-year low

Falling revenue means banks may cut even more jobs. Photo: AFP

Britain's four biggest banks will have eliminated about 189,000 jobs by the end of this year from their peak staffing levels, bringing employment to a nine-year low amid a dearth of revenue. More cuts may follow.

29 May 2013 - 2:51am

RBS Japan head to roll over Libor rigging

Royal Bank of Scotland (RBS) faces penalties for attempts to manipulate Libor. Photo: AFP

Royal Bank of Scotland's Japan brokerage unit head is preparing to resign as the company faces penalties for attempts to manipulate benchmark interest rates, according to two people with knowledge of the situation.

12 Apr 2013 - 6:13am

The cost of rigging

New York Attorney General Eric Schneiderman is helping lead a probe into claims that banks rigged global interest rates. Photo: AP

A multistate probe of alleged manipulation of interest rates threatens to leave banks liable for billions of dollars in estimated state and local losses from the scandal, even as they settle with national regulators.

8 Feb 2013 - 3:53am

Royal Bank of Scotland fined US$612m for rate rigging

Arthur Yuen Kwok-hang, HKMA's deputy chief executive

More than a dozen traders at RBS offices in London, Singapore and Tokyo manipulated the London interbank offered rate, which is used to price trillions of dollars worth of loans, from at least 2006 until 2010.

7 Feb 2013 - 5:17am

Banks consider global Libor deal as costs of scandal rise

UBS was caught in the scandal.

The more we learn about the manipulation of the London interbank offered rate (Libor), the more expensive the scandal becomes for the financial institutions involved. If banks want to control the damage, they would do well to come clean sooner rather than later about the full extent and effect of their misbehaviour.

2 Feb 2013 - 4:25am

Royal Bank of Scotland plans bonus cut to help cover Libor rigging fines

RBS was poised to set aside about £250 million for bonuses at the division, compared with £390 million for 2011. Photo: Bloomberg

Royal Bank of Scotland, Britain's biggest publicly owned lender, may reduce the bonus pool at its investment bank by more than a third as it prepares to pay fines to US and British regulators for Libor manipulation, a person with knowledge of the plan said.

30 Jan 2013 - 4:55am

RBS faces £500m fine over Libor charges

RBS faces £500m fine over Libor charges

Royal Bank of Scotland may pay up to £500 million (HK$6.24 billion) in fines next week to settle allegations that traders tried to rig interest rates, two people with knowledge of the matter said.

16 Jan 2013 - 3:41am

Business Digest, December 17, 2012

European Union and Singapore reach a free trade agreement.

US prosecutors plan to file charges this week against multiple bankers linked to UBS rigging of Tokyo interbank lending rates.

17 Dec 2012 - 5:30am

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