RBS appoints Clifford Chance to investigate SME issues

The Scottish bank has come under fire for its restructuring policies.

The Royal Bank of Scotland has appointed global law firm Clifford Chance to investigate a report claiming it had put some ‘good and viable’ businesses into default to make more profit. The Tomlinson report  was commissioned by the UK Business Secretary Vince Cable and looked at the bank’s Global Restructuring Group (GRG) lending division which managed more risky loans. It was claimed that putting a business into GRG generated extra revenues for the bank and whilst this was not wrong, smaller businesses believed they were ‘purposely distressed’ in order to get them into GRG. The bank pledged to look at all concerns. 

Email your news and story ideas to: [email protected]

Top