RBS warns of 1.25 billion-pound hit from credit woes
AFP, December, 2007
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LONDON (AFP) — The Royal Bank of Scotland revealed Thursday it will write off 1.25 billion pounds from its exposure to the US subprime home loan crisis and the subsequent worldwide credit squeeze.
RBS said in a trading update that it would take a major hit, equivalent to about 1.74 billion euros or 2.53 billion dollars, owing to credit market deterioration in the second half of 2007.
The total includes an expected subprime-related loss of 300 million pounds from the purchase of Dutch group ABN Amro earlier this year.
In morning trade, the share price of RBS jumped 5.42 percent to 491 pence as investors were reassured that the writedowns were not as bad as expected, dealers said.
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London's FTSE 100 leading share index, on which the bank is listed, rose 0.26 percent to 6,510.80 points.
RBS follows in the footsteps ...
