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On a seismic day for the UK banking sector, Mr Hester said RBS's path to recovery could be impeded by the European Union's insistence on the sale of its most profitable arms. Full Article at The Scotsman
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and as Charter One in the Midwest. It has about 23,000 employees. Royal Bank of Scotland Group PLC, plans to sell its controlling stake in Stamford-based RBS Sempra Commodities LLP within four years as part of an agreement with the European Commission. Full Article at The Connecticut Post
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It was groundhog day in the Square Mile yesterday as the Chancellor, Alistair Darling, unveiled his second attempt to revive Britain's "zombie" banks in just over a year. Full Article at The Independent
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LONDON -- Britain's two largest retail lenders have agreed to a massive shake-up of the banking sector that will see both sell hundreds of branches and key businesses to appease EU concerns over state aid and competition. Full Article at Financial Post
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LONDON (MarketWatch) -- Royal Bank of Scotland and Lloyds Banking Group on Tuesday announced plans to sell off parts of their U.K. banking networks and other assets in a shake-up demanded by European regulators. Full Article at MarketWatch
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These changes are better for the taxpayer, better for the banks and better for the economy ... They will mean stronger and safer banks better able to support the recovery.
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Let's not miss the elephant in the room. The Government is having to put another £39.2bn of taxpayers' money into the banks – a bigger bailout than the original bailout last autumn.
