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RBS Sets Aside 100 Million Pounds Over Brexit Fears

  • $128 million provision overshadows better earnings, capital
  • McEwan says meeting with PM May on Brexit was ‘optimistic’
A window reflects a Royal Bank of Scotland Group Plc (RBS) logo at a bank branch in London, U.K.

A window reflects a Royal Bank of Scotland Group Plc (RBS) logo at a bank branch in London, U.K.

Photographer: Simon Dawson/Bloomberg
Updated on

Royal Bank of Scotland Group Plc set aside 100 million pounds ($128 million) to reflect greater uncertainty around Brexit, the first British bank to do so this quarter, as Chief Executive Ross McEwan said big companies are pausing investment as the talks drag on.

While McEwan said his meeting with Prime Minister Theresa May alongside other CEOs last week gave him an “optimistic sense” on Brexit talks, he said the bank took the provision to reflect “quite a bit more uncertainty in the market.” The shares slid as much as 5.8 percent, the most in more than two years.