Asia markets tentative ahead of Opec meeting

Wednesday 2.30am GMT Overview Markets across Asia were treading cautiously on Wednesday, following mild overnight gains for Wall Street, a weakening of the US dollar and as investors turned their attention to a meeting between Opec members later today. What to watch Oil prices are in focus ahead of Wednesday’s Opec meeting in Vienna. The […]

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Banks, Financial

RBS emerges as biggest failure in tough UK bank stress tests

Royal Bank of Scotland has emerged as the biggest failure in the UK’s annual stress tests, forcing the state-controlled lender to present regulators with a new plan to bolster its capital position by at least £2bn. Barclays and Standard Chartered also failed to meet some of their minimum hurdles in the toughest stress scenario ever […]

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Barclays: life in the old dog yet

Barclays, a former basket case of British banking, is beginning to look inspiringly mediocre. The bank has failed Bank of England stress tests less resoundingly than Royal Bank of Scotland. Investors believe its assets are worth only 10 per cent less than their book value, judging from the share price. Although Barclays’s legal team have […]

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Currencies, Equities

Scary movie sequel beckons for eurozone markets

Just as horror movies can spook fright nerds more than they expect, so political risk is sparking heightened levels of anxiety among seasoned investors. Investors caught out by Brexit and Donald Trump are making better preparations for political risk in Europe, plotting a route to the exit door if the unfolding story of French, German […]

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Dollar rises as markets turn eyes to Opec

European bourses are mirroring a tentative Asia session as the dollar continues to be supported by better US economic data and investors turn their attention to a meeting between Opec members. Sentiment is underpinned by US index futures suggesting the S&P 500 will gain 3 points to 2,207.3 when trading gets under way later in […]

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Categorized | Banks, Financial

RBS to rename investment bank

Posted on September 30, 2016


Royal Bank of Scotland is to rename its investment bank as part of plans to comply with so-called “ringfencing” regulation designed to protect taxpayers from ever having to bail out a bank again.

Lenders with more than £25bn of deposits must hive off their consumer-facing business from riskier investment banking activities under the rules, which come into force in 2019.

RBS said on Friday it will place the bulk of its UK and western European banking business within the ringfence by the end of 2018.

In order to achieve this, a holding company will be created — called NatWest Holdings — for the ringfenced banks, at the start of next year.

This will comprise RBS’ personal, private, business and commercial customers, and the NatWest, Coutts and two Ulster bank divisions.

    Three divisions will sit outside of the ringfence, including the investment bank, which will be renamed NatWest Markets, as well as its Jersey and Isle of Man bank.

    The new ringfenced group and the non-ringfenced division will sit underneath Royal Bank of Scotland, which will remain the group holding company.

    The plan will involve shifting personal, private, business and commercial customers across its legal entities, in mid-2018. The investment bank will be renamed at the same time.

    NatWest will become the main brand in England, Wales and western Europe, while Royal Bank of Scotland will remain the core brand in Scotland.

    Ross McEwan, chief executive of the bank, said: “Our proposed future structure under the ringfencing legislation and our brand strategy are key elements of the bank we are becoming.

    “The future ringfenced structure of the bank is not only designed to be in compliance with the new regulatory requirements and objectives but will better reflect who we are as a bank and what we stand for: a bank that is focused on its customers.”