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BUSINESS
May 5, 2004 | From Bloomberg News
Royal Bank of Scotland, Britain's second-biggest bank, agreed to buy Charter One Financial Corp. for $10.5 billion, expanding into six states in the U.S. Northeast and Midwest. Royal Bank has been growing in the U.S. since buying Rhode Island-based Citizens Financial in 1988, acquiring five U.S. banks last year. The lender in February agreed to buy the credit card unit of Connecticut-based People's Bank for $2.66 billion to gain 1.1 million customers in New England.
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BUSINESS
July 19, 2011 | By E. Scott Reckard, Los Angeles Times
Federal regulators are seeking $629 million in damages from a Royal Bank of Scotland unit accused of selling riskier-than-advertised mortgage securities to Western Corporate Federal Credit Union, a San Dimas credit union that failed during the financial crisis. The National Credit Union Administration lawsuit was filed Monday in U.S. District Court in Los Angeles. It alleged that RBS Securities knew or should have known that the loans backing its bonds contained "systematic" misrepresentations about the borrowers' incomes, debt levels, equity in properties and intent to live in the homes that were mortgaged.
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BUSINESS
June 18, 2005 | From Associated Press
Enron Corp. struck its first deal with one of 10 financial institutions it claims could have prevented the energy trader's collapse. The agreement with Royal Bank of Scotland would give Enron a net of $21.8 million. The Edinburgh-based bank agreed to make a $41.8-million cash payment to resolve Enron's claims. Enron agreed to pay the bank $20 million in cash to settle the bank's claim that Enron owed it $329 million in fees.
BUSINESS
February 17, 2010 | By Nathaniel Popper
Like other giant banks, JPMorgan Chase & Co. has been criticized for being "too big to fail." But that isn't stopping the company from getting even bigger. The country's second-largest bank said Tuesday that it had agreed to buy, for $1.7 billion, part of a commodity trading business jointly owned by San Diego-based Sempra Energy and Royal Bank of Scotland. The acquisition comes as President Obama and former Federal Reserve chief Paul Volcker have been pushing a proposal to make banks like JPMorgan smaller.
BUSINESS
April 26, 2007 | From the Associated Press and Bloomberg News
Bidding for one of the largest takeovers in corporate history escalated Wednesday as a group led by Royal Bank of Scotland said it planned a bid worth almost $100 billion for ABN Amro that tops Barclays' offer by more than 10%. Shareholders immediately pressured ABN to commit to accepting the highest bid, ahead of the Dutch bank's annual shareholders' meeting today, and analysts said the key battleground was LaSalle Bank Corp. in the U.S.
BUSINESS
July 18, 2001 | Associated Press
Mellon Financial Corp. said it's selling its retail banking business to Citizens Financial Group, the U.S. arm of Royal Bank of Scotland Group, for $2.1 billion in cash. The sale will return Mellon to its roots as a private bank, managing money for individuals and corporations, Chief Executive Martin G. McGuinn said. The deal, which includes operations in Pennsylvania, Delaware, New Jersey and Virginia with total assets of $16.
BUSINESS
June 28, 2006 | From the Associated Press
Three British bankers wanted on Enron-related fraud charges are to be extradited to the United States after the failure Tuesday of a last-ditch appeal to the European Court of Human Rights to halt their deportation. The court was the last avenue of appeal for the three former executives at Greenwich NatWest, a unit of Royal Bank of Scotland Group, who have become a cause celebre in Britain because of the controversial legislation used to pursue their extradition.
BUSINESS
July 10, 2007 | Elizabeth Douglass, Times Staff Writer
Sempra Energy on Monday sold a majority stake in its fast-growing commodities trading business to Royal Bank of Scotland Group for $1.35 billion, a move that limits risk for Sempra and gives the bank a foothold in the recently lucrative business of buying and selling oil, natural gas and other commodities. The deal creates a joint venture between the two companies and frees more than $1 billion of San Diego-based Sempra's investment in the commodities operation.
BUSINESS
July 19, 2011 | By E. Scott Reckard, Los Angeles Times
Federal regulators are seeking $629 million in damages from a Royal Bank of Scotland unit accused of selling riskier-than-advertised mortgage securities to Western Corporate Federal Credit Union, a San Dimas credit union that failed during the financial crisis. The National Credit Union Administration lawsuit was filed Monday in U.S. District Court in Los Angeles. It alleged that RBS Securities knew or should have known that the loans backing its bonds contained "systematic" misrepresentations about the borrowers' incomes, debt levels, equity in properties and intent to live in the homes that were mortgaged.
BUSINESS
February 17, 2010 | By Nathaniel Popper
Like other giant banks, JPMorgan Chase & Co. has been criticized for being "too big to fail." But that isn't stopping the company from getting even bigger. The country's second-largest bank said Tuesday that it had agreed to buy, for $1.7 billion, part of a commodity trading business jointly owned by San Diego-based Sempra Energy and Royal Bank of Scotland. The acquisition comes as President Obama and former Federal Reserve chief Paul Volcker have been pushing a proposal to make banks like JPMorgan smaller.
BUSINESS
November 4, 2009 | Anthony Faiola, Faiola writes for the Washington Post.
The British government announced Tuesday that it would break up parts of major financial institutions bailed out by taxpayers, highlighting a growing divide across the Atlantic over how to deal with the massive banks that were partially nationalized during the height of the financial crisis. The British government -- spurred on by European regulators -- is forcing Royal Bank of Scotland, Lloyds Banking Group and Northern Rock to sell off parts of their operations. The Europeans are calling for more and smaller banks to increase competition and eliminate the threat posed by banks so large that they must be rescued by taxpayers, no matter how they conducted their business, in order to avoid damaging the global financial system.
WORLD
March 18, 2009 | Henry Chu
The disgraced banker at the center of Britain's biggest compensation controversy has received a $4-million tax-free advance from a lavish pension package negotiated while his company was on the verge of a public bailout, a government minister said Tuesday. The amount represents only a fraction of a retirement package that entitles Fred Goodwin, the former head of the Royal Bank of Scotland, to an annual payment of about $1 million a year.
BUSINESS
January 20, 2009 | Henry Chu
Frustrated by their continued reluctance to lend, the British government unveiled Monday its second plan in three months to stabilize the nation's banks, offering to insure them against big losses on toxic assets in exchange for an agreement to issue loans to creditworthy customers. European banking stocks plummeted on the plan and on word that Royal Bank of Scotland was on track to record the biggest annual loss in British corporate history -- as much as $42 billion.
BUSINESS
July 10, 2007 | Elizabeth Douglass, Times Staff Writer
Sempra Energy on Monday sold a majority stake in its fast-growing commodities trading business to Royal Bank of Scotland Group for $1.35 billion, a move that limits risk for Sempra and gives the bank a foothold in the recently lucrative business of buying and selling oil, natural gas and other commodities. The deal creates a joint venture between the two companies and frees more than $1 billion of San Diego-based Sempra's investment in the commodities operation.
BUSINESS
April 26, 2007 | From the Associated Press and Bloomberg News
Bidding for one of the largest takeovers in corporate history escalated Wednesday as a group led by Royal Bank of Scotland said it planned a bid worth almost $100 billion for ABN Amro that tops Barclays' offer by more than 10%. Shareholders immediately pressured ABN to commit to accepting the highest bid, ahead of the Dutch bank's annual shareholders' meeting today, and analysts said the key battleground was LaSalle Bank Corp. in the U.S.
BUSINESS
June 28, 2006 | From the Associated Press
Three British bankers wanted on Enron-related fraud charges are to be extradited to the United States after the failure Tuesday of a last-ditch appeal to the European Court of Human Rights to halt their deportation. The court was the last avenue of appeal for the three former executives at Greenwich NatWest, a unit of Royal Bank of Scotland Group, who have become a cause celebre in Britain because of the controversial legislation used to pursue their extradition.
WORLD
March 18, 2009 | Henry Chu
The disgraced banker at the center of Britain's biggest compensation controversy has received a $4-million tax-free advance from a lavish pension package negotiated while his company was on the verge of a public bailout, a government minister said Tuesday. The amount represents only a fraction of a retirement package that entitles Fred Goodwin, the former head of the Royal Bank of Scotland, to an annual payment of about $1 million a year.
BUSINESS
January 20, 2009 | Henry Chu
Frustrated by their continued reluctance to lend, the British government unveiled Monday its second plan in three months to stabilize the nation's banks, offering to insure them against big losses on toxic assets in exchange for an agreement to issue loans to creditworthy customers. European banking stocks plummeted on the plan and on word that Royal Bank of Scotland was on track to record the biggest annual loss in British corporate history -- as much as $42 billion.
BUSINESS
June 18, 2005 | From Associated Press
Enron Corp. struck its first deal with one of 10 financial institutions it claims could have prevented the energy trader's collapse. The agreement with Royal Bank of Scotland would give Enron a net of $21.8 million. The Edinburgh-based bank agreed to make a $41.8-million cash payment to resolve Enron's claims. Enron agreed to pay the bank $20 million in cash to settle the bank's claim that Enron owed it $329 million in fees.
BUSINESS
May 5, 2004 | From Bloomberg News
Royal Bank of Scotland, Britain's second-biggest bank, agreed to buy Charter One Financial Corp. for $10.5 billion, expanding into six states in the U.S. Northeast and Midwest. Royal Bank has been growing in the U.S. since buying Rhode Island-based Citizens Financial in 1988, acquiring five U.S. banks last year. The lender in February agreed to buy the credit card unit of Connecticut-based People's Bank for $2.66 billion to gain 1.1 million customers in New England.
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