Friday, August 08, 2008
RBS posts billion dollar loss after £5.9bn in write-offs
The rather Barings-like Bank of China invited RBS chief executive Fred Goodwin to the Olympics in Beijing, but he thought it might look bad if he did not turn up to present the RBS results to the shareholders. Not surprising the Bank of China offered him a freebie, he owns 5% of the Bank of China.
RBS has no regrets about buying ABN Amro as it might improve.
IMO: RBS 5% stake in Bank of China may have to go, but if I were a venture capitalist I would be looking for an even bigger stake, with very serious provisos, though presumably RBS shareholders might not agree. AFAIK Bank of China is the no.2 lender in China overall, the no.1 lender to non-institutions, and the no.1 foreign exchange lender. (The no.1 lender in China is the Industrial and Commercial Bank of China)
The rather Barings-like Bank of China invited RBS chief executive Fred Goodwin to the Olympics in Beijing, but he thought it might look bad if he did not turn up to present the RBS results to the shareholders. Not surprising the Bank of China offered him a freebie, he owns 5% of the Bank of China.
RBS has no regrets about buying ABN Amro as it might improve.
IMO: RBS 5% stake in Bank of China may have to go, but if I were a venture capitalist I would be looking for an even bigger stake, with very serious provisos, though presumably RBS shareholders might not agree. AFAIK Bank of China is the no.2 lender in China overall, the no.1 lender to non-institutions, and the no.1 foreign exchange lender. (The no.1 lender in China is the Industrial and Commercial Bank of China)
# posted by uv : 7:09 PM
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