Deals
RBS Sees ‘Substantial’ Full-Year Loss on Setting Up Bad Bank
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Royal Bank of Scotland Group Plc expects to post a “substantial” full-year loss after transferring 38.3 billion pounds ($61 billion) of its worst loans to an internal bad bank under government pressure.
Britain’s biggest publicly owned lender expects to log as much as 4.5 billion pounds of writedowns in the fourth quarter as it starts to sell the loans, Edinburgh-based RBS said in a statement today. It will also speed up plans to sell its Citizens Financial Group Inc. unit to bolster capital.