“RBS is committed to the most radical restructuring ever
undertaken in the banking sector, including major asset and
business disposals. We have been given this opportunity with the
benefit of state aid and intend to fulfil all of the
responsibilities that this brings.”
These were the words of a spokesperson for RBS, speaking
yesterday in response to statements on bank restructuring by EU
competition officials.
Go deeper with GlobalData
As new rules were unveiled to outline the criteria by which
state-supported banks could gain approval for their government
rescue packages, competition commissioner Neelie Kroes commented:
“The financial crisis may not be over yet, but we need to start
working seriously with member states to restructure European
banks.”
RBS’s exact disposal plans are not yet known, but it is
understood that several of its divisions deemed “non-core” earlier
this year, and which include asset finance units such as Lombard
Ireland, are to be run down over the next three to five
years.
A spokesperson for Lloyds Banking Group, which bought out HBOS
in January, also commented:
“As we have previously stated we, along with all UK banks in
receipt of state aid, are working closely with HM Treasury to
demonstrate to the European Commission that Lloyds Banking Group
has a strong plan to exit state aid.”
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By GlobalDataFred Crawley
