RBS responds to asset-stripping allegations

Posted at November 25, 2013 | Categories : News

RBS has responded to a report that examines the bank’s SME lending practices and allegations that it forced businesses into administration so it could buy their assets at rock-bottom prices.

In a letter to the report’s author, Sir Andrew Large, RBS group chief executive, Ross McEwan, said the findings make a “tough read”.

The letter goes on to state: “Your report also highlights that when times are tough for our customers, some have said they were angry about the treatment they received.

“As you say in your report, many are happy with the skills and expertise we provide at times of financial distress, but to ensure our customers can have full confidence in our commitment to them I have asked the law firm, Clifford Chance, to conduct an inquiry into this matter, reporting back to me in the new year.

“It is important that we get this right, especially as our regulators want the bank to remove problem loans more quickly.”