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While today’s decision by the Bank of England MPC was literally a no brainer it does not help the thousands of home owners who are struggling to make ends meet. As we read another report from the...
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Saturday 31st May 2008
After initially rebuffing a near £1 billion offer from Tesco to buy their 50% stake in the Tesco Personal Finance joint venture, it seems as though the board of Royal Bank of Scotland (RBS) has had a change of heart. While no news has been forthcoming as yet, sources behind the scenes claim that a deal has been agreed and an announcement could be made as early as next week.
While the income realised from any sale of their share in the Tesco venture will be greatly received when you bear in mind the current situation with the balance sheet, many believe that RBS is getting desperate. Concerns about the ongoing rights issue have not helped the situation and the shares have been under growing pressure for some time.
News that the sale of the insurance arm has seen another contender drop out just adds to the doom and gloom surrounding the sector. It will be interesting to see how the management of RBS react to the current situation bearing in mind they had not put a foot wrong up until a couple of years ago. Analysts and fund managers are looking for signs that the old confidence is back and the Group is in safe hands. |
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