The aim was to "make available new tier 1 capital to UK banks and building societies to strengthen their resources permitting them to restructure their finances, while maintaining their support for the real economy, through the recapitalisation scheme which has been made available to eligible institutions".
However, when the Standard Chartered Bank proposed a merger with the Royal Bank inthe board responded favourably. Approval was received from the Bank of Englandand the two banks agreed a merger plan that would have seen the Standard Chartered acquire the Royal Bank and keep the UK operations based in Edinburgh.
The Scottish press suggested two reasons for the move: Exchange rate fluctuations meant that RBS made no profit on the deal. Byeconomic conditions were becoming more difficult for the banking sector.
The government stressed, however, that it was not "standard public ownership" and that the banks would return to private investors "at the right time". Standard Chartered Bank was headquartered in London, although most of its operations were in the Far East, and the Royal Bank saw advantages in creating a truly international banking group.
The Treasury permitted the payment because they feared the resignation of Hester and much of the board if the payment was vetoed by the government as the majority shareholder.
If he failed to do this, it would be clawed-back. The move brought the total number of jobs cut since the bank was bailed out in to 34, However, the Royal Bank of Scotland subsequently tabled a counter-offer, sparking off the largest hostile takeover battle in UK corporate history.
The branches, incorporatingsmall business customers, 1, medium business customers and 1. InLloyds Bankwhich had previously built up a It revealed it would instead seek to sell the operation to another bank.
Len McCluskeythe general secretary of Unite the Unionsaid: This meant that RBS had to open a number of branches on a Sunday — the first time that they had had to do this.
However the British government referred both bids to the Monopolies and Mergers Commission ; both were subsequently rejected as being against the public interest.
Sir Tom McKillop confirmed that he would stand down from his role as chairman when his contract expired in March The transaction is subject to a number of conditions, including regulatory approval. This plan was formally approved by the European Commission in September Since then, Citizens has acquired several other American banks and in acquired Charter One Bank.
This was, at the time, the largest rights issue in British corporate history.Business overview. The Royal Bank of Scotland PLC offers many services including loans, mortgages, financial advice and foreign exchange. Photos. Products and services.
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Reputational and Environmental, Social & Ethical (ESE) risks overview; Managing Reputational Risk. Moody's reviews The Royal Bank of Scotland plc's ratings for downgrade and the ratings of National Westminster Bank Plc for upgrade Moody's Investors Service Results 1 - 6 Of 6.
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