A report by East & Partners reveals that the Royal Bank of Scotland's (RBS) plans to withdraw from corporate and institutional banking in 25 countries could cause it to lose some of its UK clients. The bank is expected to announce a move into retail banking, which will be funded through an IPO later this year. However, companies, such has Royal Dutch Shell, say they are looking to find other providers for some services as a result of the overhaul. Furthermore, of the 773 UK companies surveyed, many said they would reconsider their choice of corporate-banking partner if British banks retreated from global operations, with 23% stating it would definately cause them to review their relationships.
A report by East & Partners reveals that the Royal Bank of Scotland's (RBS) plans to withdraw from corporate and institutional banking in 25 countries could cause it to lose some of its UK clients. RBS's CEO, Ross McEwan is focusing on UK consumer and commercial lending, and exiting operations around the world, hoping it will help overturn seven straight annual losses. However, companies, such has Royal Dutch Shell, say they are looking to find other providers for some services as a result of the overhaul. Furthermore, of the 773 UK companies surveyed, many said they would reconsider their choice of corporate-banking partner if British banks retreated from global operations, with 23% stating it would definately cause them to review their relationships.