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Royal Bank of Scotland says will pay government £1.5bn

Britain's state-rescued Royal Bank of Scotland will pay the government £1.5 billion in a complex deal paving the way for the return of shareholder dividends. The bank has agreed to pay the Treasury the equivalent of $2.5 billion or 1.8 billion euros in a move also aimed at aiding its eventual return to the private sector, it said in a statement late on Wednesday. RBS, based in Edinburgh, Scotland, remains 81-percent state-owned after it was rescued with £45.5 billion of taxpayers' cash during the global financial crisis.

RBS ends dividend agreement with British government, clearing way for privatization

The Royal Bank of Scotland said Wednesday that it will pay 1.5 billion pounds ($2.52 billion) to end an agreement with the British government, in a move that will help clear the way for the bank to be privatized. The British government rescued the bank during the financial crisis, leaving it 81 per cent owned by taxpayers. RBS has been working toward becoming privatized by the middle of 2014.

RBS to pay $2.5 billion to end UK government's dividend priority

By Matt Scuffham LONDON (Reuters) - Royal Bank of Scotland <RBS.L> has agreed to pay 1.5 billion pounds ($2.5 billion) to cancel an arrangement that gives the government priority over dividends, clearing an obstacle to the lender's eventual privatization.

UK's RBS poaches new finance chief from Credit Suisse

By Matt Scuffham and Chris Vellacott LONDON (Reuters) - Royal Bank of Scotland <RBS.L> has poached Credit Suisse's <CSGN.VX> Ewen Stevenson for its new finance director, to help restore the health of the part-nationalized bank which lost 8.2 billion pounds last year. Stevenson was co-head of investment banking for Europe, the Middle East and Africa at Credit Suisse and has never been a finance director before. His other challenge at RBS will be to prepare it for a stock market return after depending on state handouts.

RBS poaches Credit Suisse banker as finance chief

Britain's state-rescued Royal Bank of Scotland revealed Friday it has poached Credit Suisse banker Ewen Stevenson, a key advisor in the group's vast bailout, to be chief financial officer. RBS said in a statement that Stevenson, who is currently Credit Suisse's London-based co-head of investment banking for Europe, Middle East and Africa, will join on May 19. Stevenson, 47, was a senior member of the Credit Suisse team advising the British government in 2008 and 2009 on the recapitalisations of both RBS and Lloyds Banking Group.

Royal Bank of Scotland to shut 44 branches

By Aashika Jain (Reuters) - Part-nationalized Royal Bank of Scotland <RBS.L> said on Wednesday it will close 44 branches, of which 14 are classed as "Last Banks in Town", in the UK and Scotland. An RBS spokesperson said there has been a 30 percent drop in branch transactions since 2010 as banking has changed significantly over the last few years as more and more customers are banking where and when it is convenient for them.

Fed stress test upset weighs on sale of RBS unit in U.S.

By Steve Slater LONDON (Reuters) - Royal Bank of Scotland's <RBS.L> separation and flotation of its U.S. business Citizens could be delayed after it was one of three foreign banks which had their plans for dealing with a financial crisis rejected by the U.S. Federal Reserve.

RBS to resubmit U.S. capital plans after Fed objections

LONDON (Reuters) - Royal Bank of Scotland <RBS.L> said it would resubmit the capital plans for its U.S. business Citizens after it was one of three foreign banks who had plans rejected by the U.S. Federal Reserve. The Fed blocked the capital plans of five banks on Wednesday, including the U.S. arms of RBS, HSBC <HSBA.L> and Santander <SAN.MC>, which it said was due to weaknesses in their capital planning processes.

RBS in contact with Sumitomo over Citizens sale: sources

By Matt Scuffham and Taiga Uranaka LONDON/TOKYO (Reuters) - Royal Bank of Scotland <RBS.L> has had contact regarding the possible sale of its U.S. retail business Citizens with Sumitomo Mitsui Financial Group <8316.T>, while Mitsubishi UFJ Financial Group <8306.T> has also considered a bid, people with knowledge of the matter said.

RBS draws up rescue plan for Ulster Bank: report

LONDON (Reuters) - Part-nationalized Royal Bank of Scotland <RBS.L> is working on a plan to salvage its troubled Irish business, Ulster Bank, by merging it with a number of rivals, the Sunday Times newspaper reported. Attempts to find a buyer for the business have failed and a team inside RBS is looking at tie-ups between Ulster and other lenders, such as Permanent TSB or the Irish units of Danske Bank <DANSKE.CO> or KBC <KBC.BR>, the newspaper reported.
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