RBS To Put $61B Assets Into 'Bad Bank,' Spin Off Citizens

Law360, New York (November 1, 2013, 1:52 PM EDT) -- The Royal Bank of Scotland Group PLC, which is mostly owned by the British government after a 2008 bailout, said Friday it will sequester £38 billion ($61 billion) of its riskiest assets into an internal "bad bank" and sell its American banking subsidiary.

RBS dubbed the internal "bad bank" RBS Capital Resolution, which it formed instead of spinning the assets off into a separate company, and hopes to sell the commercial real estate, defaulted loans at its Irish subsidiary Ulster Bank and other toxic assets by...
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