Royal Bank of Scotland has conceded it will miss a Brussels-enforced deadline to offload its Williams & Glyn arm, as it slumped to a bigger-than-expected loss for the third quarter.
Speaking as the state-backed lender swung to net loss of £469m from a £940m profit a year earlier, boss Ross McEwan that we dont know what the consequences are of not meeting the European Commissions deadline of divesting the 314 branch network by the end of next year.
RBS has laboured for seven years to offload the business, a divestment that is an EU state aid condition governing the banks bailout at the height of the financial crisis. A plan to float W&G was scrapped in August after RBS spent £1.5bn on the difficult task of setting up an IT system for …
Read the full article at: http://www.telegraph.co.uk/business/2016/10/28/rbs-slips-to-a-loss-as-misconduct-and-restructuring-costs-weigh/