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BRIEF: RBS bad loans rise

Wed. November 05, 2008; Posted: 02:37 AM
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Nov 05, 2008 (The Pittsburgh Tribune-Review - McClatchy-Tribune Information Services via COMTEX) -- CNFL | Quote | Chart | News | PowerRating -- Royal Bank of Scotland said Tuesday it could suffer its first annual loss in its history this year after it announced more write-downs on bad assets in the third quarter. The Scottish bank owns Citizens Financial Group, the parent of Citizens Bank of Pennsylvania. RBS took $2.2 billion of markdowns before accounting adjustments in the third quarter and warned that fourth-quarter credit losses probably will be higher. CEO Stephen Hester said the latest charges, coming on top of $8 billion in the first half, show the bank has too much risk and may have a full-year loss.

To see more of The Pittsburgh Tribune-Review or to subscribe to the newspaper, go to http://www.pittsburghlive.com/x/pittsburghtrib/. Copyright (c) 2008, The Pittsburgh Tribune-Review Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.

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