RBS plans asset split

Royal Bank of Scotland Group Plc plans to cut costs by more than 1 billion pounds ($1.45 billion) and segregate toxic assets in a new unit as it prepares for a government insurance programme to be announced this week, a person familiar with the situation said. RBS rose as much as 22%. RBS will split into two units over three to five years, with one entity including the UK and other core businesses and the second holding toxic assets and operations that aren t central to the Edinburgh-based lender, said the person who declined to be identified because the plans are ...

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