Topic
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.
- Barclays, Royal Bank of Scotland, Citigroup, JP Morgan and MUFG formed two cartels to manipulate the spot foreign exchange market for 11 currencies
Fears sparked just a day after letter bombs were sent to London transit hubs.
UK has lost nearly two-thirds of its bank and building society branches over the past 30 years.
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.
US, British and Swiss regulators fined HSBC and four other global banks more than US$3 billion for attempting to manipulate foreign exchange markets.
Scottish First Minister Alex Salmond has demanded a probe into the disclosure of Royal Bank of Scotland's potential move to England.
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.
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.
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.
US prosecutors plan to file charges this week against multiple bankers linked to UBS rigging of Tokyo interbank lending rates.
