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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.

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 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.

The great retreat: Taxpayer-owned Royal Bank of Scotland reins in ambitions amid huge losses

LONDON - Royal Bank of Scotland was once the biggest bank in the world. Now it's not even the biggest in Britain. And it is about to get smaller still. RBS was saved in 2008 by a 45 billion-pound (about $80 billion at the time) government rescue after its move to become the world's largest bank through a massive debt-fueled acquisition backfired. The bailout left the British government with an 81 per cent stake — and mounting losses.

RBS seeks to regain trust after post-crisis losses hit $77 billion

By Matt Scuffham and Steve Slater LONDON (Reuters) - Royal Bank of Scotland sought to shake off its reputation as Britain's pariah bank on Thursday with plans to cut more costs and reposition itself as a UK-focused retail and commercial lender. New chief executive Ross McEwan is under pressure to restore RBS's standing with its political masters and the general public after a year of fines, customer complaints and technology problems.

RBS boss: must pay 'fair' bonuses for investment bankers

LONDON (Reuters) - Royal Bank of Scotland's boss said the bank needed to pay its investment bankers "fairly" despite posting an 8 billion pound loss, to ensure its capital markets business continued to perform. RBS said it would pay 576 million pounds ($958 million) in bonuses for 2013, down 15 percent on 2012. It paid 237 million pounds in bonuses to staff in the Markets division.

RBS says credit rating would be hit by Scottish split

By Steve Slater LONDON (Reuters) - Royal Bank of Scotland said if Scots vote for independence it would probably "significantly" hit its credit ratings. A cut in credit ratings typically increases a company's funding costs. "A vote in favor of Scottish independence would be likely to significantly impact the group's credit ratings and could also impact the fiscal, monetary, legal and regulatory landscape to which the group is subject," RBS said in the risk section of its annual results.

Royal Bank of Scotland says 2013 net loss hits £9.0bn

Britain's state-rescued Royal Bank of Scotland plunged into a near £9.0-billion loss last year on vast charges for litigation and the creation of a 'bad bank' division, it said on Thursday. The lender, which is 81-percent owned by the government after a huge bailout during the global financial crisis, added it would seek to slash its cost base by another £5.3 billion in the coming years and warned of more "inevitable" job cuts. Losses after taxation ballooned to £8.995 billion ($15.0 billion, 10.9 billion euros) in 2013.
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