Nationalization Looms for Royal Bank of Scotland

Lack of faith in government's bank bailout plans sparks investor stampede
By Rob Quinn,  Newser Staff
Posted Jan 20, 2009 4:51 AM CST
Nationalization Looms for Royal Bank of Scotland
A branch of the Royal Bank of Scotland in London.   (AP Photo/Matt Dunham)

One of Britain's biggest banks is on the verge of nationalization, reports the Daily Telegraph. The Royal Bank of Scotland's shares plummeted more than 65% yesterday after it revealed massive losses of $56 billion for 2008—the highest in British history. The government has upped its stake in the bank to 70% and experts believe it will be fully nationalized within days, rendering the bank's shares effectively worthless. (More Royal Bank of Scotland stories.)

Get the news faster.
Tap to install our app.
X
Install the Newser News app
in two easy steps:
1. Tap in your navigation bar.
2. Tap to Add to Home Screen.

X