20th Feb 2015 13:31
LONDON (Alliance News) - Royal Bank of Scotland Group PLC is likely to write down the value of its US bank Citizens by about GBP4 billion when it reports annual results next week, Reuters reported on Friday citing industry sources.
The move could potentially wipe out "much" of the bank's annual profit, the report said.
However, the writedown is an accounting matter and wouldn't have an effect on RBS's capital position.
RBS wants to sell off the remainder of its 70% stake in Citizens by 2016.
RBS shares were down 0.4% at 394.60 pence on Friday.
http://www.reuters.com/article/2015/02/20/us-rbs-citizens-charge-exclusive-idUSKBN0LO16620150220?feedType=RSS&feedName=businessNews
By Samuel Agini; [email protected]; @samuelagini
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