EuropeFinance and Insurance

RBS hit by $347m shipping impairment

Royal Bank of Scotland’s (RBS) shipping exposure is contributing to poor results for the institution that is controlled by UK taxpayers.

In its second quarter results announced today, RBS suffered a £695m ($914m) operating loss, a dramatic switch from Q2 last year where it registered a £224m operating profit.

The bank, which was bailed out by the government, is looking to offload its $5bn shipping portfolio.

In the second quarter this year it suffered an impairment charge of £264m in relation to its shipping portfolio. The bank said today it will prioritise exploring alternative means to achieve divestment.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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