Chapter 4 of the berg Banking Report focuses on:
The ‘dash for cash’ – How RBS broke British businesses
Leaked files reported in the news on 10th October 2016 revealed RBS systematically crushed British businesses for profit.
The files revealed for the first time that, under pressure from the government, the largely tax payer owned bank ran down businesses in its restructuring unit as part of the deliberate, premeditated strategy to cut lending and bolster profits. And they show that GRG, ignoring repeated warnings about conflicts of interest, collaborated closely with the bank’s own property division, West Register, to buy up heavily discounted assets it had forced its customers to sell.
This blew apart RBS’ previous statements to the public and Parliament and revealed that a deliberate process was adopted by the bank to improve its own position, at the cost of the banks customers, despite its reported claims to the contrary.
The chapter continues to evaluate the GRG West Register Policy and Procedures Manual, and the Strategic Investment Group Policies and Procedures Manual.
Read the full chapter in the berg Banking Report 2016: Championing Change here…
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