Business Services Industry
Royal Bank of Scotland Set for Buying Spree as Profits Surge.
Knight Ridder/Tribune Business News, August, 2003
By Miles Costello, Daily Mail, London Knight Ridder/Tribune Business News
Aug. 6--Ac...uisitive Royal Bank of Scotland signalled its desire to snap up rivals in the UK, US and continental Europe as it posted a 25 percent surge in profits for the first half.
Only three years after swallowing crumbling giant NatWest, chief executive Fred Goodwin said he was prepared to make a cash call to finance the right buy.
Goodwin, who has already notched up six ac...uisitions this year, also promised to return money to investors by buying back shares if the bank has enough surplus capital.
He pledged to keep RBS's capital base well balanced and not to build up a "value-destroying war chest" to fund his buying spree. Pretax profits came in...
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