RBS Posts $34B Loss, Biggest in UK History, Gets 2nd Bailout

British taxpayer may soon own 95% of bank
Posted Feb 26, 2009 6:03 AM CST
RBS Posts $34B Loss, Biggest in UK History, Gets 2nd Bailout
The Royal Bank of Scotland posted Thursday a record net loss of $34.4 billion for 2008 and unveiled a massive restructuring program that will hive off many of its international businesses.   (AP Photo/Alastair Grant)

The Royal Bank of Scotland today announced an annual loss of $34.3 billion, the largest in British corporate history, and the Treasury said it would inject another $36 billion into the troubled bank. The UK government already owns 70% of RBS, a figure that could now rise to 95%, reports the Times of London. Much of today's loss stems from RBS' purchase of ABN Amro, the Dutch bank it bought in 2007 in the largest ever banking takeover.
(More United Kingdom stories.)

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