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Friday, Nov 1
More on RBS: To offload up to 70% of toxic asset within two years
- RBS aims to remove 55-70% of the £38B of toxic assets in its new internal "bad bank" over the next two years. Half the assets are already part of RBS's "non-core" division and the rest are in the firm's Ulster bank subsidiary and its U.K. corporate division.
- The plans should free up £10-11B of capital for RBS, although it also expects to take £4-4.5B of impairment charges in Q4.
- As with other banks, RBS is co-operating with authorities who are investigating the possible manipulation of forex markets.
- RBS intends to speed up the sale of RBS Citizens Financial Group, its U.S. retail bank, which will undertake a partial IPO in H2 next year rather than in 2015. RBS intends to fully exit Citizens in 2016.
- New RBS CEO Ross McEwan has launched a review of the firm's activities and plans to provide more details about its strategy in February.
- RBS intends to increase its Basel III Core Tier 1 ratio to 11% by the end of 2015 and to 12% or more a year later.
- Shares are -3.7% in London. (PR) (Q3 results)