US fines RBS US$1.1 bil over pre-crisis mortgages

LONDON (Sept 28): Royal Bank of Scotland on Wednesday said it had agreed a fine of US$1.1 billion ($1.5 billion) with US authorities over the alleged mis-selling of mortgage securities ahead of the 2008 financial crisis.

It comes a week after US authorities said they would seek US$14 billion from Deutsche Bank over similar allegations.

"The Royal Bank of Scotland Group has reached a final settlement with the National Credit Union Administration Board to resolve two outstanding civil lawsuits for US$1.1 billion," the British bank said in a statement.

---

Related Stories

• UOBKH says impact of $375k fine 'not material', appointing external party to validate remedial measures
• Royal Bank of Scotland now known as Natwest after three centuries
• The dividend poser

---