Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers G > Headlines for General 2009 > News item |
RBS to depart from lending for leveraged buyout financing
By Sara Rosenberg
New York, Feb. 26 - Royal Bank of Scotland Group plans to exit lending for leveraged buyouts in the loan and high-yield bond markets, an informed source told Prospect News on Thursday.
However, the bank will still be doing other loan and bond financings for non-investment grade companies, including refinancings and corporate-to-corporate acquisitions.
And, the bank's high-yield capital markets, credit trading and research businesses in the U.S. and Europe will continue to be fully functional, the source added.
News of these plans first emerged along with the bank's earnings results, in which it was stated that lending would be exited in the leveraged market, structured real estate and project finance.
Pro forma for full-year 2008, the bank reported a loss of £24.1 billion, including the write-down of goodwill and other intangible assets of £16.2 billion.
Credit market losses for the year were £7.8 billion.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.