RBS Tells 3,000 Clients to Speed Up Search for Another Bank
- Lender writes asking clients to move to a new transaction bank
- Remaining customers need to move before the end of the year
The Royal Bank of Scotland Group Plc (RBS) building in London.
Photographer: Matthew Lloyd/BloombergThis article is for subscribers only.
Royal Bank of Scotland Group Plc has told about 3,000 of its global transaction-services clients to speed up their search for another bank.
The Edinburgh-based lender wrote to its remaining GTS clients outside of the U.K. and Ireland to tell them their checking accounts, cash management and trade-finance services probably won’t work after Dec. 31, RBS said in a statement on Wednesday. The bank said it’s been working with about 7,000 customers in 32 countries over 18 months to find alternative banks as it exits the business, with more than half of those having moved.