News reports (BBC Business) reveal that Royal Bank of Scotland, rather than assist struggling businesses through it’s Global Restrucuring Group (GRG), was secretly trying to increase profits by way of additional fees and charges. The effect was that in some cases, RBS strategy was instrumental in the insolvent failure of potentially viable companies.
If a business did fail, then RBS sought to buy the assets cheaply through West Register, the property arm of the bank.
The news report shows that more than 12,000 companies were pushed into the GRG, staff being awarded bonuses for finding suitable firms in what was called “a dash for cash”
Would be interesting to see how many businesses in Burnley & Leyland were affected.
Further details and customer interviews can be found on the BBC News website www.bbc.co.uk/news/uk-37591335