Royal Bank of Scotland agrees sale of loan book
The Royal Bank of Scotland has today announced the sale of a €1.4 billion loan book to fund manager Intermediate Capital Group as the company looks to downsize its non-core operations. This is just the latest in a long line of deals which the company has announced to allow the 83% taxpayer owned operation to concentrate on its core operations.
The loan book in question is around 10% of the Royal Bank of Scotland's leverage loan finance book, all of which is up for sale. This is a company which was very proactive in the business arena not only handing out loans to businesses but also taking a more proactive role in the operations. In the boom years this was very lucrative for Royal Bank of Scotland but as the UK and worldwide economies turned down the company was left high and dry and in financial difficulties.
There is no doubt that the Royal Bank of Scotland which will emerge from the UK economic downturn will be very different to the one which entered the credit crunch over three years ago. This is a company which was in the eyes of many the largest and most lucrative banking operation in the world with tentacles in every market around the globe and exposure which some companies could only dream of. Oh how the mighty have fallen!
Share this..
Related stories
Should banks be supporting UK consumers?
The subject of whether UK bank should be supporting UK consumers at his most difficult of times is a topic which has grabbed the headlines over the last few weeks. On one hand on the government is suggesting that banks should reduce their risky investment, while on the other they are adamant that cheaper loans and cheaper finance should be made available across the board. This is a very difficult...
Read MoreSchool curriculum to include debt management
It has been revealed that the UK government will push through with plans to teach children as young as five how to manage debt. Whether or not teaching children about money management at the age of five is a little "too far" is open to debate but the truth is there needs to be a wholesale change in the way we hide from debt in the UK. Starting at school would appear to be the perfect strategy!...
Read MoreCelebrities and businesses voice anger at Royal Bank of Scotland
The Royal Bank of Scotland, which has effectively been bailed out by the UK government and UK taxpayers, is this weekend under significant pressure from celebrities and businesses up and down the UK. There are concerns that the Royal Bank of Scotland has taken billions upon billions of pounds of taxpayer's money and nothing has been given back to the UK economy or the UK taxpayer as yet. Indeed...
Read MoreJaguar Land Rover secures further funding
In what is becoming an embarrassing situation for the UK government, which has over £2.5 billion to hand to help the UK car industry, Tata Motors (the parent company of Jaguar Land Rover) has today announced a £175 million loan from the State bank of India. The company now has around £500 million in additional finance available from a number of banks and financial institutions around the world....
Read MoreTesco looks to shake up the financial market
In a barbed attack on the UK financial system, the boss of Tesco bank has today suggested that many consumers would look towards alternative financial arrangements due to the reputation of the major high street UK banks over the last few months. Whether this is true or not is open to debate, but the fact is that Tesco bank and other "alternative providers" will be looking to make hay while the sun...
Read More