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.

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