Category: Royal Bank of Scotland Group PLC

Major banks deny helping clients avoid tax offshore

HSBC, Credit Suisse and the Royal Bank of Scotland-owned bank Coutts Trustees have denied claims they are helping clients avoid tax by using complex offshore structures following the leak of the Panama papers. The banks were named in a list of 500 lenders who investigative journalists said had helped to… – Continue reading

A third of foreign banks in Australia had no taxable income

Nearly a third of the 26 large foreign banks operating in Australia, including Goldman Sachs, JPMorgan, Lloyds and BNP Paribas, had no taxable income in 2014, data released by the Australian Taxation Office shows. Eight banks with total revenue of $9 billion had no taxable income, while Credit Suisse, which… – Continue reading

Michael Gray: The UK’s tax avoidance scandal is a sorry tale

DID you hear the story about the Queen, tax evasion, a nationalised British bank for the rich and famous, a whistleblower and a £7bn under sale to ‘reward cronies and cheat the taxpayer’? Sounds like a pretty big deal, right? But last Thursday’s damning testimony from Helen Goodman MP –… – Continue reading

“Cronies and cheating the taxpayer”: MP targets RBS bank tax avoiders in share sell off

Call to halt bank sale in favour of reform rejected by UK Government UK MINISTERS decided to “wash their hands” of a tax evasion scandal in a subsidiary of the government-owned Royal Bank of Scotland, according to damning testimony given by a former treasury official who is now a Labour… – Continue reading

UAE’s largest lender buys RBS offshore loan book in India

National Bank of Abu Dhabi (NBAD), the largest lender by assets in the United Arab Emirates, bought Royal Bank of Scotland’s offshore loan book in India for 3 billion dirhams ($816.8 million) in October, the bank’s chief executive Alex Thursby said in a conference call on Wednesday. The bank is… – Continue reading

Geneva Bank Jobs Fall to Lowest Since Crisis Amid Regulatory Woe

Banking jobs in Geneva slipped to the lowest level since the 2008 financial crisis amid regulatory pressures, tax scrutiny and consolidation in the Swiss finance industry, according to lobby group Geneva Financial Center. Employees at banks in the city fell 3 percent to 18,855 in the 12 months through August,… – Continue reading

UK banks brace for tax showdown

Unpredictable and excessive taxes are pushing the British banking sector to the brink, according to a major new report by a leading industry body, reports City AM. The British Bankers’ Association (BBA) and PwC reveal that the UK banking sector contributed an estimated total of £31.3bn in taxes last year,… – Continue reading

RBS sells corporate loan commitments portfolio

LONDON–Royal Bank of Scotland Group PLC (RBS.LN) has sold a portfolio of corporate-loan commitments related to its banking business in China for 498 million pounds ($755.1 million), as part of the bank’s strategy to focus mainly on U.K. and European customers. RBS said it has reached an agreement with China… – Continue reading

Cash-flush Julius Baer on the acquisitions trail

LAUSANNE — Julius Baer Group should have cash to purchase rivals even as it prepares to settle a four-year probe into tax evasion by the US justice department. Switzerland’s third-largest wealth manager said last month it set aside $350m to fund a financial agreement over the bank’s role in helping… – Continue reading

Syz Buys Royal Bank of Canada Swiss Unit as Foreigners Exit

Banque Syz SA of Geneva is buying Royal Bank of Canada’s Swiss private bank as foreign financial firms retreat from Switzerland amid higher regulatory costs. The business, based in Geneva, had 10 billion Swiss francs ($10.5 billion) of client assets under management at the end of October, Royal Bank said… – Continue reading

Ingenious, HSBC, UBS and Coutts sued by ‘tax avoidance’ clients

Private client banks such as Royal Bank of Scotland’s Coutts, HSBC and UBS have been sued by clients for wrongly advising them to invest in film investment specialist Ingenious as its schemes have since been labelled by tax authorities as tax-avoidance vehicles. Ingenious Media and around 50 other associated financial… – Continue reading

Wealthy City investors sue finance firm Ingenious over film investments

Wealthy City investors are suing finance firm Ingenious along with banks Coutts and HSBC over the billion-pound film production schemes that Revenue & Customs has labelled tax avoidance vehicles. More than 100 investors, including Ken Costa, former chairman of investment bank Lazard, and Christian Hess of investment bank Investec, have… – Continue reading

China’s Banks Taking on the Old Guard Win in Asia Debt Sales

Chinese banks, encouraged by Premier Li Keqiang’s “going-out” strategy, are rocketing up the international bond arranging league tables in Asia, leaving investment banking stalwarts in their wake. Industrial & Commercial Bank of China Ltd., the world’s biggest lender by assets, jumped four spots from the end of last year to… – Continue reading

UK’s slimmer banks slip down global league table

British banks have fallen down world league tables for lenders so rapidly that there may soon not be a global-ranked bank in this country, the editor of the industry bible has warned, reports the Independent. “At one time several UK banks were among a handful of truly global players,” said… – Continue reading

Swiss Bankers Losing Secrecy Helps Image Abroad, Finma CEO Says

Swiss banks that aren’t dependent on the country’s crumbling financial secrecy laws may find international expansion easier than those that sold hidden accounts in the past, according to Switzerland’s financial supervisor. “The shift away from businesses which rely on some elements of banking secrecy is changing the perception” of Swiss… – Continue reading

HSBC to Shed 50,000 Jobs in Overhaul of Global Business

LONDON — Like other global institutions, HSBC, Europe’s largest bank, has been under severe pressure since the 2008 financial crisis to cut costs, meet stringent new regulatory demands and satisfy restless shareholders. To that end, the British bank said on Tuesday that it would shed as many as 50,000 of… – Continue reading

Banks’ profits recover, but they are paying less in corporation tax

Research shows corporation tax receipts from banks are lower than before crisis despite global tax payments staying constant Britain’s banks are paying far less in corporation tax to the Exchequer than before the crisis, despite their profits improving and global tax payments staying constant. Research from Cambridge Judge Business School… – Continue reading

Big bucks, but no bankers jailed in $5.7B settlement

Six of the biggest names in global finance shelled out billions of dollars Wednesday to settle charges of rigging currency markets, but liberal lawmakers complain the government is just doling out slaps on the wrist. On Wednesday, the Justice Department announced a settlement that also saw five banks plead guilty… – Continue reading

Swiss banks suddenly preach transparency in U.S. tax evasion endgame

Swiss banks, for decades the bastions of secrecy, are preaching the virtue of transparency to their U.S. clients as they try to head off billions of dollars in potential fines for helping Americans evade taxes. Faced with the threat of penalties that could bankrupt some of them, almost 100 of… – Continue reading

Swiss Banks Strong-Arm Clients in U.S. Tax-Evasion Endgame

Swiss banks, for decades the bastions of secrecy, are preaching the virtue of transparency to their U.S. clients as they try to head off billions of dollars in potential fines for helping Americans evade taxes. Faced with the threat of penalties that could bankrupt some of them, almost 100 of… – Continue reading

RBS Sells Coutts International to UBP in Swiss Retreat

(Bloomberg) — Royal Bank of Scotland Group Plc agreed to sell its Coutts International private banking business to Switzerland’s Union Bancaire Privee, as the bailed-out British lender retreats from the Swiss wealth market. RBS is expected to sell Coutts for 350 million francs ($360 million) to 400 million francs, depending… – Continue reading

RBS thinning out bidders for Coutts

LONDON, GENEVA — The Royal Bank of Scotland Group (RBS) is narrowing the field of bidders for its Coutts International private-banking arm to focus on Switzerland’s Union Bancaire Privée (UBP), people with knowledge of the matter said. UBP is the preferred bidder and an agreement might be reached as early… – Continue reading

Technical Insights on Royal Bank of Scotland Group Plc (NYSE:RBS)

[Market Watch] Royal Bank of Scotland Group Plc (NYSE:RBS)(TREND ANALYSIS) is accelerating its plans to dismantle its investment banking franchise, with expectations that the firm will deliver as many as 14,000 pink slips in the group at the sprawling U.K. financial institution, according to the Financial Times report Tuesday. As… – Continue reading

Coutts’ Swiss operation faces German investigation over tax evasion claims

Bank’s subsidiary in Switzerland is already being investigated by US authorities about whether it helped Americans evade tax The venerable Coutts bank, home of the Queen’s personal accounts, has been drawn into the mounting controversy about private banking with an admission that its Swiss arm is under investigation for aiding… – Continue reading

RBS staff under investigation from German authorities over Swiss tax evasion

Disclosure in bank’s annual results about Coutts comes as it reports seventh consecutive loss Royal Bank of Scotland was dragged into the Swiss tax evasion scandal on Thursday when it emerged that the taxpayer-owned company’s private bank is under investigation for helping wealthy clients evade tax. The small print of… – Continue reading

Big banks are giving up on their global ambitions

About 10 years ago Citigroup’s then chief executive Chuck Prince started his global apology tour, aimed at mending relationships with regulators and bolstering Citi’s reputation. Tokyo was the first stop. The US bank had been embroiled in scandals that led to the termination of its Japanese private banking licence. To… – Continue reading

Regulators fine global banks $4.3 billion in currency investigation

(Reuters) – Regulators fined six major banks a total of $4.3 billion for failing to stop traders from trying to manipulate the foreign exchange market, following a yearlong global investigation. HSBC Holdings Plc, Royal Bank of Scotland Group Plc, JPMorgan Chase & Co, Citigroup Inc, UBS AG and Bank of… – Continue reading