Proactiveinvestors United Kingdom Royal Bank of Scotland https://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom Royal Bank of Scotland RSS feed en Tue, 25 Jun 2019 22:32:32 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[RNS press release - RBS Investor Seminar : Technology & Innovation ]]> https://www.proactiveinvestors.co.uk/companies/rns/3428/LSE20190624080004_14121356/ Mon, 24 Jun 2019 08:00:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3428/LSE20190624080004_14121356/ <![CDATA[RNS press release - Takeover Panel PremierTechnical Services Group plc ]]> https://www.proactiveinvestors.co.uk/companies/rns/3428/LSE20190620143345_14118719/ Thu, 20 Jun 2019 14:33:45 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3428/LSE20190620143345_14118719/ <![CDATA[RNS press release - Publication of Suppl.Prospcts ]]> https://www.proactiveinvestors.co.uk/companies/rns/3428/LSE20190618170905_14115630/ Tue, 18 Jun 2019 17:09:05 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3428/LSE20190618170905_14115630/ <![CDATA[News - RBS gets capital and profit boost from merger of Saudi banks ]]> https://www.proactiveinvestors.co.uk/companies/news/222218/rbs-gets-capital-and-profit-boost-from-merger-of-saudi-banks-222218.html Royal Bank of Scotland Group PLC (LON:RBS) said its risk weighted assets will be reduced by £4.7bn and it will be easier to sell its stake in Alawwal bank after the Saudi Arabian lender merged with rival Saudi British Bank (SABB).

RBS owned a 15.3% stake in Alawwal dating back to the UK bank’s disastrous acquisition of ABN AMRO in 2007. This stake is part of a 40% consortium stake managed by RBS’s Dutch subsidiary NatWest Markets NV on behalf of itself, the Dutch state and Banco Santander.

READ: RBS shares drop as it warns Brexit uncertainty will hurt income, posts lower quarterly profits

The consortium’s resulting 10.8% stake in the merged group was immediately unwound, with a 4.1% stake transferred to RBS subsidiary NatWest Markets Plc, and the rest to the other members of the consortium.

RBS will make a £0.7bn profit attributable to ordinary shareholders as it recognises an income gain of £0.4bn on disposal of the Alawwal stake for shares received in SABB, plus £0.3bn from recycling foreign exchange and another £0.3bn benefit from extinguishing legacy liabilities, partly offset by a £0.3bn of non-controlling interests.

These changes and the reduction in risk-weighted assets will increase the bank’s CET1 core capital ratio by 60 basis points, it said.

READ: Five banks including RBS and Barclays fined €1bn for FX trading cartel

RBS chief executive Ross McEwan, who recently announced that he is stepping down after five-and-a-half years in charge of the taxpayer-owned lender, said the release of capital was “a positive and material financial impact for RBS” and the conclusion of the merger “will help facilitate the future exit of our shareholding as we continue to focus on our key target markets”, though the SABB shares are subject to a six-month lock-up period before RBS can sell them.

NatWest Markets NV is now expected to transfer to NWM Plc ownership during the second half of 2019, subject to regulatory approvals, which is estimated to result in a further £1.2bn of FX reserves recycling.

RBS shares were up 2% to 216.5p in early trading on Monday. 

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Mon, 17 Jun 2019 08:54:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/222218/rbs-gets-capital-and-profit-boost-from-merger-of-saudi-banks-222218.html
<![CDATA[RNS press release - Impact of Alawwal bank / Saudi British Bank merger ]]> https://www.proactiveinvestors.co.uk/companies/rns/3428/LSE20190617070005_14112390/ Mon, 17 Jun 2019 07:00:05 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3428/LSE20190617070005_14112390/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3428/LSE20190611150202_14106935/ Tue, 11 Jun 2019 15:02:02 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3428/LSE20190611150202_14106935/ <![CDATA[RNS press release - Confirmation re stated post-offer intentions ]]> https://www.proactiveinvestors.co.uk/companies/rns/3428/LSE20190603153329_14096685/ Mon, 03 Jun 2019 15:33:29 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3428/LSE20190603153329_14096685/ <![CDATA[RNS press release - Dividend Declaration ]]> https://www.proactiveinvestors.co.uk/companies/rns/3428/LSE20190531170617_14094867/ Fri, 31 May 2019 17:06:17 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3428/LSE20190531170617_14094867/ <![CDATA[RNS press release - Total Voting Rights ]]> https://www.proactiveinvestors.co.uk/companies/rns/3428/LSE20190531150450_14094634/ Fri, 31 May 2019 15:04:50 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3428/LSE20190531150450_14094634/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3428/LSE20190531123927_14094412/ Fri, 31 May 2019 12:39:27 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3428/LSE20190531123927_14094412/ <![CDATA[RNS press release - Form 8.3 - WYG PLC ]]> https://www.proactiveinvestors.co.uk/companies/rns/3428/LSE20190520180431_14080774/ Mon, 20 May 2019 18:04:31 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3428/LSE20190520180431_14080774/ <![CDATA[RNS press release - Publication of Suppl.Prospcts ]]> https://www.proactiveinvestors.co.uk/companies/rns/3428/LSE20190520103707_14080130/ Mon, 20 May 2019 10:37:07 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3428/LSE20190520103707_14080130/ <![CDATA[RNS press release - RBS Group welcomes credit ratings action by S&P ]]> https://www.proactiveinvestors.co.uk/companies/rns/3428/LSE20190516161102_14077367/ Thu, 16 May 2019 16:11:02 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3428/LSE20190516161102_14077367/ <![CDATA[News - Five banks including RBS and Barclays fined €1bn for FX trading cartel ]]> https://www.proactiveinvestors.co.uk/companies/news/220420/five-banks-including-rbs-and-barclays-fined-1bn-for-fx-trading-cartel-220420.html Royal Bank of Scotland Group PLC (LON:RBS) has been slapped with a €250mln (£219mln) fine by European regulators for its role in a foreign exchange trading scandal.

An investigation by the European Commission found that foreign exchange traders from a ‘cartel’ of five banks, including RBS, colluded on trading strategies between 2007 and 2011.

READ: RBS warns Brexit uncertainty will hurt income

The report said traders “exchanged sensitive information and trading plans” with one another on internet chatrooms, while they occasionally “coordinated their trading strategies” as well.

RBS, Barclays PLC (LON:BARC), Citigroup, JPMorgan and MUFG Bank (formerly Bank of Tokyo-Mitsubishi) were fined a total of €1bn, with Citigroup reportedly the hardest hit.

UBS was also part of the cartel, the Commission said, but it escaped punishment because it reported the wrongdoings.

“These cartel decisions send a clear message that the Commission will not tolerate collusive behaviour in any sector of the financial markets,” said commissioner for competition Margrethe Vestager.

“The behaviour of these banks undermined the integrity of the sector at the expense of the European economy and consumers.”

RBS shares edged 0.3% higher to 230.8p on Thursday, while Barclays was broadly flat at 160.0p.

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Thu, 16 May 2019 12:30:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/220420/five-banks-including-rbs-and-barclays-fined-1bn-for-fx-trading-cartel-220420.html
<![CDATA[RNS press release - Acknowledgment of two settlements on FX trading ]]> https://www.proactiveinvestors.co.uk/companies/rns/3428/LSE20190516114040_14076881/ Thu, 16 May 2019 11:40:40 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3428/LSE20190516114040_14076881/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3428/LSE20190510151253_14070300/ Fri, 10 May 2019 15:12:53 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3428/LSE20190510151253_14070300/ <![CDATA[RNS press release - RBSG pricing of US$1.25bn of Senior Notes ]]> https://www.proactiveinvestors.co.uk/companies/rns/3428/LSE20190503121037_14062771/ Fri, 03 May 2019 12:10:37 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3428/LSE20190503121037_14062771/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3428/LSE20190502102541_14060869/ Thu, 02 May 2019 10:25:41 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3428/LSE20190502102541_14060869/ <![CDATA[RNS press release - Total Voting Rights ]]> https://www.proactiveinvestors.co.uk/companies/rns/3428/LSE20190430152422_14057837/ Tue, 30 Apr 2019 15:24:22 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3428/LSE20190430152422_14057837/ <![CDATA[RNS press release - Publication of Suppl.Prospcts ]]> https://www.proactiveinvestors.co.uk/companies/rns/3428/LSE20190429110718_14055424/ Mon, 29 Apr 2019 11:07:18 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3428/LSE20190429110718_14055424/ <![CDATA[News - RBS shares drop as it warns Brexit uncertainty will hurt income, posts lower quarterly profits ]]> https://www.proactiveinvestors.co.uk/companies/news/219150/rbs-shares-drop-as-it-warns-brexit-uncertainty-will-hurt-income-posts-lower-quarterly-profits-219150.html Royal Bank of Scotland Group PLC (LON:RBS) warned that income growth is likely to be “more challenging” in the near term as businesses delay borrowing decisions amid Brexit uncertainty.

The bank made the remarks as it posted an attributable profit of £707mln for the first quarter, down from £808mln a year ago.

READ: RBS chief executive Ross McEwan resigns

Total income dropped to £3.04bn from £3.30bn last year, reflecting declines in personal and commercial banking.

Margins shrink 

The net interest margin – the difference between interest earned on loans and money paid on deposits – fell to 1.89% from 2.04%, squeezed by a competitive mortgage lending market.

Net loans to customers increased to £306.4bn from £303.8bn while customer deposits rose to £355.2bn from £354.5bn.  

Operating expenses dropped to £1.94bn from £2.01bn last year as litigation and conduct costs declined. Impairment provisions fell to £3.1bn from £4.2bn. 

RBS said it remains on track to meet its £300mln cost reduction target this year, having saved £45mln in the quarter.

However, the cost to income ratio rose to 63.4% in the quarter from 60.5% last year.

Risk weighted assets edged down to £190.8bn from £202.7bn.

The common equity tier-1 capital ratio was stable at 16.2%.

In morning trading, shares dropped 5% to 237.2p.

"In summary, this statement could be seen as softening the market up for a profit warning later in the year," said AJ Bell investment director Russ Mould.

Ross McEwan's departure 

The results come a day after RBS announced that chief executive Ross McEwan will step down after five-and-a-half years in charge of the taxpayer-owned lender.

McEwan, who will stay in the role until a successor is found and gets their feet under the desk, said it was time to leave as he felt he had completed the turnaround for which he was hired.

RBS, which received a £45.5bn bailout from the government during the financial crisis in 2008 and is still 62%-owned by the state, returned to the dividend list in February after last year saw it make a first profit for nine years.

Graham Spooner, investment research analyst at The Share Centre, said the bank's outlook should not come as a major surprise but it does "once again focus minds of investors who have become fatigued with Brexit on the possible consequences".

"We continue to recommend the shares as a ‘hold’ for investors seeking growth, willing to accept a medium level of risk but emphasise the need for patience," he said. 

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Fri, 26 Apr 2019 07:34:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/219150/rbs-shares-drop-as-it-warns-brexit-uncertainty-will-hurt-income-posts-lower-quarterly-profits-219150.html
<![CDATA[RNS press release - Q1 Interim Management Statement ]]> https://www.proactiveinvestors.co.uk/companies/rns/3428/LSE20190426070007_14052747/ Fri, 26 Apr 2019 07:00:07 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3428/LSE20190426070007_14052747/ <![CDATA[RNS press release - Result of AGM ]]> https://www.proactiveinvestors.co.uk/companies/rns/3428/LSE20190425180321_14052582/ Thu, 25 Apr 2019 18:03:21 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3428/LSE20190425180321_14052582/ <![CDATA[RNS press release - AGM Statement ]]> https://www.proactiveinvestors.co.uk/companies/rns/3428/LSE20190425140003_14052271/ Thu, 25 Apr 2019 14:00:03 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3428/LSE20190425140003_14052271/ <![CDATA[News - How RBS could achieve a FTSE 100 first following Ross McEwan’s departure ]]> https://www.proactiveinvestors.co.uk/companies/news/219103/how-rbs-could-achieve-a-ftse-100-first-following-ross-mcewans-departure-219103.html Royal Bank of Scotland Group PLC (LON:RBS) could become London’s first blue-chip company to boast a female chief executive and finance chief following the resignation of incumbent boss Ross McEwan.

The 61-year-old Kiwi, who has been at the helm for the past five-and-a-half years, handed in his notice this morning, although he will remain in place until a successor has been appointed.

READ: RBS CEO Ross McEwan resigns

City insiders have long speculated that Alison Rose is most likely to take over the reins following her promotion to deputy CEO of NatWest – the main banking unit – last year.

Should Rose get the top job, she would be RBS’s first female CEO, as well as the first woman to run a major UK bank.

Her appointment would also mark a record for the FTSE 100: there are currently six women in charge of blue-chip firms, but never in the index’s 35-year history has one of its constituents had women filling the top two executive roles.

With Katie Murray having recently taken full control of the group’s finances, RBS could become the first-ever FTSE 100 company with a female duo in charge.

JP Morgan Chase eyeing a female boss

Over in New York, JP Morgan Chase is reportedly set to be led by two women once current CEO Jamie Dimon steps down in four years’ time.

The bank’s British-born CFO, Marianne Lake, has been moved to head up the consumer lending business, which analysts reckon is in preparation for her eventual promotion to group CEO.

Not only would that make JP Morgan the first major US bank to be led by a woman, but the promotion of Jennifer Piepszak to CFO would also make it the only one to have females in the top two jobs.

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Thu, 25 Apr 2019 12:20:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/219103/how-rbs-could-achieve-a-ftse-100-first-following-ross-mcewans-departure-219103.html
<![CDATA[News - RBS chief executive Ross McEwan resigns ]]> https://www.proactiveinvestors.co.uk/companies/news/219069/rbs-chief-executive-ross-mcewan-resigns-219069.html Royal Bank of Scotland Group PLC (LON:RBS) chief executive Ross McEwan has resigned after five-and-a-half years in charge of the taxpayer-owned lender.

McEwan, who will stay in the role until a successor is found and gets their feet under the desk, said it was time to leave as he felt he had completed the turnaround for which he was hired.

RBS, which received a £45.5bn bailout from the government during the financial crisis in 2008 and is still 62%-owned by the state, returned to the dividend list in February after last year saw it make a first profit for nine years.

Chief financial officer Ewen Stevenson quit last year to take up a similar role at HSBC Holdings PLC (LON:HSBA), with Katie Murray promoted from deputy CFO to replace him in December.

Right time...

McEwan said: "It is never easy to leave somewhere like RBS. However with much of the restructuring done and the bank on a strong and profitable footing, I have delivered the strategy that I set out in 2013 and now feels like the right time for me to step aside and for a new CEO to lead the bank."

Shares in RBS, which is due to report first-quarter results on Friday, fell 1% to 254p after almost an hour of trading on Thursday. 

Chairman Howard Davies said the search for a successor to the New Zealander “will start immediately”, with both internal and external candidates considered.

He added: “The board and I are grateful for the huge contribution Ross has made in one of the toughest jobs in banking. His successful execution of the strategy to refocus the bank back on its core markets here in the UK and Ireland has helped to deliver one of the biggest UK corporate turnarounds in history. RBS is now well positioned to succeed in the future in what is a rapidly evolving landscape for the banking sector.”

Shore Capital analyst Gary Greenwood said McEwan had been in place as RBS "resolved all of its major legacy issues", though he said "significant further work remains to improve profitability and returns".

He added that McEwan's 12-month notice period should provide ample time to find a suitable successor without any major disruption to the management of the business.

-- Adds analyst comment, share price --

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Thu, 25 Apr 2019 07:22:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/219069/rbs-chief-executive-ross-mcewan-resigns-219069.html
<![CDATA[RNS press release - Directorate Change ]]> https://www.proactiveinvestors.co.uk/companies/rns/3428/LSE20190425070009_14051048/ Thu, 25 Apr 2019 07:00:09 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3428/LSE20190425070009_14051048/ <![CDATA[RNS press release - Dividend Declaration ]]> https://www.proactiveinvestors.co.uk/companies/rns/3428/LSE20190424150342_14050566/ Wed, 24 Apr 2019 15:03:42 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3428/LSE20190424150342_14050566/ <![CDATA[RNS press release - Final Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/3428/LSE20190423124633_14048674/ Tue, 23 Apr 2019 12:46:33 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3428/LSE20190423124633_14048674/ <![CDATA[RNS press release - Segmental Reporting Restatement Document ]]> https://www.proactiveinvestors.co.uk/companies/rns/3428/LSE20190417112026_14044824/ Wed, 17 Apr 2019 11:20:26 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3428/LSE20190417112026_14044824/ <![CDATA[RNS press release - Block Listing Six Monthly Return ]]> https://www.proactiveinvestors.co.uk/companies/rns/3428/LSE20190409161132_14034842/ Tue, 09 Apr 2019 16:11:32 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3428/LSE20190409161132_14034842/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3428/LSE20190401163014_14024179/ Mon, 01 Apr 2019 16:30:14 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3428/LSE20190401163014_14024179/ <![CDATA[RNS press release - Total Voting Rights ]]> https://www.proactiveinvestors.co.uk/companies/rns/3428/LSE20190329170417_14022172/ Fri, 29 Mar 2019 17:04:17 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3428/LSE20190329170417_14022172/ <![CDATA[RNS press release - Publication of Final Terms ]]> https://www.proactiveinvestors.co.uk/companies/rns/3428/LSE20190327140535_14018158/ Wed, 27 Mar 2019 14:05:35 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3428/LSE20190327140535_14018158/ <![CDATA[RNS press release - Notice of AGM ]]> https://www.proactiveinvestors.co.uk/companies/rns/3428/LSE20190320150139_14009591/ Wed, 20 Mar 2019 15:01:39 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3428/LSE20190320150139_14009591/ <![CDATA[RNS press release - RBSG pricing of US$2 billion of Senior Notes ]]> https://www.proactiveinvestors.co.uk/companies/rns/3428/LSE20190320101721_14009094/ Wed, 20 Mar 2019 10:17:21 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3428/LSE20190320101721_14009094/ <![CDATA[RNS press release - Morgan Stanley European Financials Conference ]]> https://www.proactiveinvestors.co.uk/companies/rns/3428/LSE20190319083004_14007274/ Tue, 19 Mar 2019 08:30:04 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3428/LSE20190319083004_14007274/ <![CDATA[RNS press release - Notice of Redemption ]]> https://www.proactiveinvestors.co.uk/companies/rns/3428/LSE20190313182600_14001383/ Wed, 13 Mar 2019 18:26:00 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3428/LSE20190313182600_14001383/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3428/LSE20190311150004_13997740/ Mon, 11 Mar 2019 15:00:04 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3428/LSE20190311150004_13997740/ <![CDATA[News - RBS teams up with Visa, Mastercard and Gemalto to trial biometric bank card ]]> https://www.proactiveinvestors.co.uk/companies/news/216183/rbs-teams-up-with-visa-mastercard-and-gemalto-to-trial-biometric-bank-card-216183.html Royal Bank of Scotland Group PLC (LON:RBS) is trialling a biometric bank card that will allow customers to use their fingerprint to verify purchases.

The current limit on contactless payments using cards, Apple Pay and Google Pay is £30, after which, people need to enter a pin number to authenticate transactions.

READ: RBS set to return £11bn to shareholders over the next three years

The biometric card RBS is developing would mean customers would not need to use a pin code to verify transactions over £30.

The pilot of the bank card involves 200 RBS and Natwest customers in the UK. It is due to start in April and last three months.

The cards are fitted with a built-in sensor, which is powered by payment terminals.

RBS is working on the project with digital security company Gemalto, Visa and Mastercard.

The lender said the technology would improve security and make payments at tills easier.

The UK's largest banks, including RBS, Lloyds Banking Group PLC (LON:LLOY), Barclays PLC (LON:BARC) and HSBC Holdings PLC (LON:HSBA), have been playing catch-up on digital banking as new online rivals take away market share.

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Mon, 11 Mar 2019 10:53:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/216183/rbs-teams-up-with-visa-mastercard-and-gemalto-to-trial-biometric-bank-card-216183.html
<![CDATA[RNS press release - Form 8.3 - Findel plc ]]> https://www.proactiveinvestors.co.uk/companies/rns/3428/LSE20190307165648_13994627/ Thu, 07 Mar 2019 16:56:48 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3428/LSE20190307165648_13994627/ <![CDATA[RNS press release - Form 8.3 - MedicX Fund Limited ]]> https://www.proactiveinvestors.co.uk/companies/rns/3428/LSE20190306144503_13992730/ Wed, 06 Mar 2019 14:45:03 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3428/LSE20190306144503_13992730/ <![CDATA[News - RBS and Bank of America reportedly being sued by US investors over European government bond market cartel ]]> https://www.proactiveinvestors.co.uk/companies/news/215835/rbs-and-bank-of-america-reportedly-being-sued-by-us-investors-over-european-government-bond-market-cartel-215835.html Royal Bank of Scotland Group PLC (LON:RBS) and Bank of America Corp (NYSE:BAC) are reportedly being sued by investors in the US over the two lenders' alleged roles in a $9.4trn European government bond market rigging conspiracy.

Reuters said the proposed class-action complaint accusing the banks of violating federal anti-trust law was filed on Monday night in the US District Court in New Haven, Connecticut.

READ: RBS set to return £11bn to shareholders over the next three years

The move follows an announcement by the European Union's anti-trust authority, published on 31 January, which accused eight banks of being part of a cartel to distort bond prices from 2007 to 2012.

The European Commission said it believed bond traders may have illegally shared commercially sensitive information and co-ordinated trading strategies, mainly through online chatrooms.

While the commission did not identify the eight banks said to be involved, media reports at the time suggested RBS and Bank of America were among them.

Reuters said spokespersons for RBS and Bank of America both declined to comment on the lawsuit report.

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Tue, 05 Mar 2019 14:57:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/215835/rbs-and-bank-of-america-reportedly-being-sued-by-us-investors-over-european-government-bond-market-cartel-215835.html
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