Monday, 11 December 2017

Scottish lawmakers to pressure RBS to stop branch closures

RBS

EDINBURGH: Scottish lawmakers will debate a motion calling for Royal Bank of Scotland (RBS.L) to halt planned cuts to its branch network, which opponents say will damage the remote communities they are meant to serve.

The Edinburgh-based bank, which has been owned by the British government since being rescued during the 2008 global financial crisis, plans to close a quarter, or 259, of its branches in the United Kingdom. That includes more than a third of its branches in Scotland.

The closures will also entail 680 job cuts.

The Scottish parliamentary motion, which looks likely to garner wide support, aims to acknowledge “concern about a lack of support for small businesses, people in rural areas and the elderly,” according to a transcript filed by Scottish Labour, the third-biggest party in the Scottish assembly.

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