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Royal Bank of Scotland names Van Saun CEO of US business Citizens

The Canadian PressMay 11, 2013 20:31
LONDON - The Royal Bank of Scotland says it has named Bruce Van Saun chief executive of Citizens Bank, its U.S. business, ahead of its expected partial stock market flotation. Van Saun, currently RBS's finance director, will replace Ellen Alemany, who is retiring after more than six years. Nathan Bostock, currently RBS's chief risk officer, will replace Van Saun. RBS CEO Stephen Hester says 55-year-old Van Saun, who is originally from New Jersey, will lead Citizens in the run-up to the anticipated flotation.

Royal Bank of Scotland returns to profit in Q1

Agence France-PresseMay 3, 2013 19:00
Royal Bank of Scotland returned to profit in the first quarter with net earnings of £393 million ($610 million, 467 million euros) after a hefty loss a year earlier, the state-rescued lender said Friday. RBS said its profit after tax for the January-March period compared with a net loss of £1.545 billion in the first quarter of 2012 -- when the value of the bank's outstanding debt had significantly increased. "These results show pleasing progress in delivering a strong and valuable RBS for all our stakeholders," the bank's chief executive Stephen Hester said in a statement.

Royal Bank of Scotland eyes return to private sector

Agence France-PresseMay 3, 2013 05:45
State-rescued Royal Bank of Scotland plans a return to the private sector next year following a massive restructuring programme, it said on Friday as it also announced a swing back into profit. RBS chairman Philip Hampton said that the Edinburgh-based bank hoped to begin offloading the government's 81-percent stake from the middle of next year or possibly earlier.

RBS says capital position is strong

March 27, 2013 09:15
LONDON (Reuters) - Part-nationalised Royal Bank of Scotland <RBS.L> said on Wednesday its capital position was strong, after the Bank of England ordered Britain's banks to plug a 25 billion pound capital shortfall. "RBS has a strong capital position...we will continue to work with our regulators to ensure RBS remains at the forefront of international capital standards," the bank said. (Editing by William Schomberg)

UPDATE 1-RBS to sell off another 15 pct of UK insurer Direct Line

March 12, 2013 15:31
* Sale worth 482 mln pounds at Tuesday's closing share price * Direct Line stock up 20.1 percent since October listing By Kylie MacLellan LONDON, March 12 (Reuters) - Royal Bank of Scotland plans to further reduce its stake in Direct Line, taking advantage of a more than 20 percent rise in the UK insurer's share price since it was floated last year.

RBS to sell further stake in Direct Line

March 12, 2013 13:30
March 12 (Reuters) - Royal Bank of Scotland said it plans to sell a part of its stake in motor insurer Direct Line Group through an offering of 229.4 million Direct Line shares. If all the Direct Line Group ordinary shares available in the offering are sold, assuming no exercise of the over-allotment option, RBS's remaining stake would comprise 49.99 percent of Direct Line Group. The stake sale accounts for 15.3 percent of Direct Line's ordinary share capital.

BoE boss urges government to break up RBS

March 6, 2013 13:15
Bank of England governor Mervyn King said Wednesday that the British government should split the Royal Bank of Scotland into "good" and "bad" bank divisions to return it more quickly to the private sector. King argued that state-rescued RBS needed a "decisive restructuring" in comments before the Parliamentary Commission on Banking Standards, which was set up to report on professional standards and culture in Britain's banks.

Royal Bank of Scotland logs £6-bn loss for scandal-hit 2012

February 28, 2013 06:50
State-rescued Royal Bank of Scotland said Thursday that net losses ballooned to almost £6.0 billion in 2012, hit by compensation payouts, Libor rate-rigging fines and a vast accounting charge. Losses after taxation widened to £5.97 billion ($9.05 billion, 6.89 billion euros) last year, compared with a shortfall of £1.997 billion in 2011, RBS revealed in a statement. It marked the bank's fifth successive annual net loss.

Royal Bank of Scotland posts 2012 net loss of £5.971 billion

February 28, 2013 04:15
State-rescued Royal Bank of Scotland said Thursday that net losses almost tripled to £5.97 billion in 2012, when it was hit by compensation payouts, Libor rate-rigging fines and a vast accounting charge. The enormous loss after taxation, equivalent to $9.05 billion or 6.89 billion euros, compared with a shortfall of £1.997 billion in 2011, the lender announced in a results statement. It marked the bank's fifth successive annual net loss.

RBS plans IPO for U.S. arm Citizens in next two years

February 24, 2013 10:30
By Steve Slater LONDON, Feb 24 (Reuters) - British state-backed lender Royal Bank of Scotland is set to signal this week that it plans a partial sale of its U.S. bank Citizens this year or next, a source close to the matter said. RBS will say at its annual results on Thursday that its preferred option for Citizens is an initial public offering (IPO) in New York to sell about 20-25 percent of the bank, the source said.
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