Latest news with #Dutch
Leader Live
31 minutes ago
- Business
- Leader Live
NatWest: Key dates in the bank's history from rescue to privatisation
The banking group – which was previously called RBS – was rescued during the 2008 financial crisis with payments worth £45.5 billion, which led to it become part-owned by taxpayers. The Treasury has been rapidly selling down its shareholding over the past 18 months, whittling it down to zero and meaning the bank is once again in private hands. Here's a timeline with key dates from the bailout of NatWest through to its return to privatisation on Friday. 2000: RBS Group bought NatWest for £21 billion which, at the time, was the largest in British banking history. The combined group operated a number of separate banking brands, including the Royal Bank of Scotland, NatWest and Ulster Bank. 2007: RBS was part of a consortium that acquired the Dutch bank ABN AMRO. This decision, which propelled the group into investment banking and sapped its capital levels, proved to be destructive for RBS. The takeover was ultimately found to have taken place with 'inadequate due diligence' and was one of the key reasons why it was on the brink of collapse the following year. 2008: The Government makes a capital payment worth £20 billion to RBS. Then-prime minister Gordon Brown and chancellor Alistair Darling engineered the rescue after being warned the bank was facing imminent collapse and could run out of cash in a matter of hours. It was the fallout of the financial crash, combined with its structural weaknesses, which triggered a major bank run and pushed it to the brink of failure. Chief executive Fred Goodwin, who was in charge of the bank for nine years, stepped down the same month and was replaced by Stephen Hester. He had been nicknamed 'Fred the Shred' for his aggressive management style that oversaw thousands of job cuts at NatWest after it was taken over by the RBS at the turn of the century. He was later stripped of his knighthood. 2009: February: RBS unveiled its largest annual loss in the bank's history – an operating pre-tax loss of £40.7 billion. April: The Government's stake in NatWest increased to 70.3%. December: The Government injected another £25.5 billion into RBS, taking its shareholding to 84.4%, where it peaked. 2013: Ross McEwan stepped in as chief executive after a five-year tenure for Mr Hester. 2015: The first sale of Government-owned shares took place. 2018: RBS announced its first bottom-line profit in a decade, of £752 million. A second sale of shares of £2.5 billion took place. 2019: Dame Alison Rose took over as chief executive of the group – the first woman to lead a major UK high street bank. 2020: Under Dame Alison's leadership, RBS changed its name to NatWest Group, saying it was the right time to align the group name with the brand under which it does the majority of its business. NatWest represented about 80% of its customer base at the time. 2023: Dame Alison was forced to step down as the NatWest's chief executive in the wake of the debanking scandal, when she admitted being the source of an inaccurate story about politician Nigel Farage's finances in relation to his account with the group's subsidiary Coutts. She was replaced by Paul Thwaite, the bank's former chief executive of commercial and institutional business. 2024: March: The Government's stake in NatWest dropped below 30%, meaning it was no longer classed as being a controlling shareholder. July: The Treasury began accelerating the sale process and its shareholding dropped below 20%. December: The Treasury's shareholding fell below 10%. 2025: May: The Government sells its remaining shares in NatWest, returning it to private ownership for the first time since 2008. The Treasury confirmed that the sale came at a £10.5 billion loss to the UK taxpayer. But Chancellor Rachel Reeves said the bailout was 'the right decision then to secure the economy'.
Powys County Times
32 minutes ago
- Business
- Powys County Times
NatWest: Key dates in the bank's history from rescue to privatisation
NatWest has returned to private ownership after the Government sold its remaining shares in the bank. The banking group – which was previously called RBS – was rescued during the 2008 financial crisis with payments worth £45.5 billion, which led to it become part-owned by taxpayers. The Treasury has been rapidly selling down its shareholding over the past 18 months, whittling it down to zero and meaning the bank is once again in private hands. Here's a timeline with key dates from the bailout of NatWest through to its return to privatisation on Friday. 2000: RBS Group bought NatWest for £21 billion which, at the time, was the largest in British banking history. The combined group operated a number of separate banking brands, including the Royal Bank of Scotland, NatWest and Ulster Bank. 2007: RBS was part of a consortium that acquired the Dutch bank ABN AMRO. This decision, which propelled the group into investment banking and sapped its capital levels, proved to be destructive for RBS. The takeover was ultimately found to have taken place with 'inadequate due diligence' and was one of the key reasons why it was on the brink of collapse the following year. 2008: The Government makes a capital payment worth £20 billion to RBS. Then-prime minister Gordon Brown and chancellor Alistair Darling engineered the rescue after being warned the bank was facing imminent collapse and could run out of cash in a matter of hours. It was the fallout of the financial crash, combined with its structural weaknesses, which triggered a major bank run and pushed it to the brink of failure. Chief executive Fred Goodwin, who was in charge of the bank for nine years, stepped down the same month and was replaced by Stephen Hester. He had been nicknamed 'Fred the Shred' for his aggressive management style that oversaw thousands of job cuts at NatWest after it was taken over by the RBS at the turn of the century. He was later stripped of his knighthood. 2009: February: RBS unveiled its largest annual loss in the bank's history – an operating pre-tax loss of £40.7 billion. April: The Government's stake in NatWest increased to 70.3%. December: The Government injected another £25.5 billion into RBS, taking its shareholding to 84.4%, where it peaked. 2013: Ross McEwan stepped in as chief executive after a five-year tenure for Mr Hester. 2015: The first sale of Government-owned shares took place. 2018: RBS announced its first bottom-line profit in a decade, of £752 million. A second sale of shares of £2.5 billion took place. 2019: Dame Alison Rose took over as chief executive of the group – the first woman to lead a major UK high street bank. 2020: Under Dame Alison's leadership, RBS changed its name to NatWest Group, saying it was the right time to align the group name with the brand under which it does the majority of its business. NatWest represented about 80% of its customer base at the time. 2023: Dame Alison was forced to step down as the NatWest's chief executive in the wake of the debanking scandal, when she admitted being the source of an inaccurate story about politician Nigel Farage's finances in relation to his account with the group's subsidiary Coutts. She was replaced by Paul Thwaite, the bank's former chief executive of commercial and institutional business. 2024: March: The Government's stake in NatWest dropped below 30%, meaning it was no longer classed as being a controlling shareholder. July: The Treasury began accelerating the sale process and its shareholding dropped below 20%. December: The Treasury's shareholding fell below 10%. May: The Government sells its remaining shares in NatWest, returning it to private ownership for the first time since 2008. The Treasury confirmed that the sale came at a £10.5 billion loss to the UK taxpayer. But Chancellor Rachel Reeves said the bailout was 'the right decision then to secure the economy'.
Straits Times
35 minutes ago
- Sport
- Straits Times
Liverpool sign Jeremie Frimpong from Bayer Leverkusen
Jeremie Frimpong is Liverpool manager Arne Slot's first signing after they won the Premier League title. PHOTO: AFP LONDON - Premier League champions Liverpool have signed defender Jeremie Frimpong from Bayer Leverkusen on a long-term contract, both clubs announced on May 30. Financial details were not disclosed by either club, but British media reported that Liverpool triggered a €35 million (S$50 million) release clause for the Dutch international, whose deal with Leverkusen was valid until 2028. The transfer was announced hours after Trent Alexander-Arnold joined Real Madrid from Liverpool on a six-year deal, with Frimpong set to replace the England defender as he becomes manager Arne Slot's first signing after they won the Premier League title. "It went quite easy," the 24-year-old told the club website. "Liverpool came and said they had interest, and obviously for me it was a no-brainer. "For me, it was like, 'Whatever you guys do, just get this done'." Frimpong, who will officially join on June 1, signed a five-year contract, media reports said. The right back, who can also play as a winger, played a key role in the Leverkusen side that won the German domestic double in 2023-24, chipping in with 14 goals and 12 assists across all competitions. Frimpong also recorded 12 assists this season, adding five goals, from 48 appearances in all competitions for the Bundesliga runners-up. Trent Alexander-Arnold - seen here lifting the Premier League trophy on May 25 - has joined Real Madrid from Liverpool on a six-year deal. PHOTO: EPA-EFE A product of Manchester City's academy, Frimpong joined Leverkusen in 2021 from Scottish side Celtic. He has represented the Netherlands on 12 occasions, scoring one goal, since making his debut with the senior squad in October 2023 in a Euro 2024 qualifier against France. "Liverpool fans, I'm going to give my all, my energy, my work-rate and hopefully we can win together, we celebrate together, get everything together," Frimpong added. "I'm just excited to be here. Thank you guys for accepting me and I won't let you guys down and I'll give you the energy that you guys want." REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
South Wales Guardian
an hour ago
- Business
- South Wales Guardian
NatWest: Key dates in the bank's history from rescue to privatisation
The banking group – which was previously called RBS – was rescued during the 2008 financial crisis with payments worth £45.5 billion, which led to it become part-owned by taxpayers. The Treasury has been rapidly selling down its shareholding over the past 18 months, whittling it down to zero and meaning the bank is once again in private hands. Here's a timeline with key dates from the bailout of NatWest through to its return to privatisation on Friday. 2000: RBS Group bought NatWest for £21 billion which, at the time, was the largest in British banking history. The combined group operated a number of separate banking brands, including the Royal Bank of Scotland, NatWest and Ulster Bank. 2007: RBS was part of a consortium that acquired the Dutch bank ABN AMRO. This decision, which propelled the group into investment banking and sapped its capital levels, proved to be destructive for RBS. The takeover was ultimately found to have taken place with 'inadequate due diligence' and was one of the key reasons why it was on the brink of collapse the following year. 2008: The Government makes a capital payment worth £20 billion to RBS. Then-prime minister Gordon Brown and chancellor Alistair Darling engineered the rescue after being warned the bank was facing imminent collapse and could run out of cash in a matter of hours. It was the fallout of the financial crash, combined with its structural weaknesses, which triggered a major bank run and pushed it to the brink of failure. Chief executive Fred Goodwin, who was in charge of the bank for nine years, stepped down the same month and was replaced by Stephen Hester. He had been nicknamed 'Fred the Shred' for his aggressive management style that oversaw thousands of job cuts at NatWest after it was taken over by the RBS at the turn of the century. He was later stripped of his knighthood. 2009: February: RBS unveiled its largest annual loss in the bank's history – an operating pre-tax loss of £40.7 billion. April: The Government's stake in NatWest increased to 70.3%. December: The Government injected another £25.5 billion into RBS, taking its shareholding to 84.4%, where it peaked. 2013: Ross McEwan stepped in as chief executive after a five-year tenure for Mr Hester. 2015: The first sale of Government-owned shares took place. 2018: RBS announced its first bottom-line profit in a decade, of £752 million. A second sale of shares of £2.5 billion took place. 2019: Dame Alison Rose took over as chief executive of the group – the first woman to lead a major UK high street bank. 2020: Under Dame Alison's leadership, RBS changed its name to NatWest Group, saying it was the right time to align the group name with the brand under which it does the majority of its business. NatWest represented about 80% of its customer base at the time. 2023: Dame Alison was forced to step down as the NatWest's chief executive in the wake of the debanking scandal, when she admitted being the source of an inaccurate story about politician Nigel Farage's finances in relation to his account with the group's subsidiary Coutts. She was replaced by Paul Thwaite, the bank's former chief executive of commercial and institutional business. 2024: March: The Government's stake in NatWest dropped below 30%, meaning it was no longer classed as being a controlling shareholder. July: The Treasury began accelerating the sale process and its shareholding dropped below 20%. December: The Treasury's shareholding fell below 10%. 2025: May: The Government sells its remaining shares in NatWest, returning it to private ownership for the first time since 2008. The Treasury confirmed that the sale came at a £10.5 billion loss to the UK taxpayer. But Chancellor Rachel Reeves said the bailout was 'the right decision then to secure the economy'.
North Wales Chronicle
an hour ago
- Business
- North Wales Chronicle
NatWest: Key dates in the bank's history from rescue to privatisation
The banking group – which was previously called RBS – was rescued during the 2008 financial crisis with payments worth £45.5 billion, which led to it become part-owned by taxpayers. The Treasury has been rapidly selling down its shareholding over the past 18 months, whittling it down to zero and meaning the bank is once again in private hands. Here's a timeline with key dates from the bailout of NatWest through to its return to privatisation on Friday. 2000: RBS Group bought NatWest for £21 billion which, at the time, was the largest in British banking history. The combined group operated a number of separate banking brands, including the Royal Bank of Scotland, NatWest and Ulster Bank. 2007: RBS was part of a consortium that acquired the Dutch bank ABN AMRO. This decision, which propelled the group into investment banking and sapped its capital levels, proved to be destructive for RBS. The takeover was ultimately found to have taken place with 'inadequate due diligence' and was one of the key reasons why it was on the brink of collapse the following year. 2008: The Government makes a capital payment worth £20 billion to RBS. Then-prime minister Gordon Brown and chancellor Alistair Darling engineered the rescue after being warned the bank was facing imminent collapse and could run out of cash in a matter of hours. It was the fallout of the financial crash, combined with its structural weaknesses, which triggered a major bank run and pushed it to the brink of failure. Chief executive Fred Goodwin, who was in charge of the bank for nine years, stepped down the same month and was replaced by Stephen Hester. He had been nicknamed 'Fred the Shred' for his aggressive management style that oversaw thousands of job cuts at NatWest after it was taken over by the RBS at the turn of the century. He was later stripped of his knighthood. 2009: February: RBS unveiled its largest annual loss in the bank's history – an operating pre-tax loss of £40.7 billion. April: The Government's stake in NatWest increased to 70.3%. December: The Government injected another £25.5 billion into RBS, taking its shareholding to 84.4%, where it peaked. 2013: Ross McEwan stepped in as chief executive after a five-year tenure for Mr Hester. 2015: The first sale of Government-owned shares took place. 2018: RBS announced its first bottom-line profit in a decade, of £752 million. A second sale of shares of £2.5 billion took place. 2019: Dame Alison Rose took over as chief executive of the group – the first woman to lead a major UK high street bank. 2020: Under Dame Alison's leadership, RBS changed its name to NatWest Group, saying it was the right time to align the group name with the brand under which it does the majority of its business. NatWest represented about 80% of its customer base at the time. 2023: Dame Alison was forced to step down as the NatWest's chief executive in the wake of the debanking scandal, when she admitted being the source of an inaccurate story about politician Nigel Farage's finances in relation to his account with the group's subsidiary Coutts. She was replaced by Paul Thwaite, the bank's former chief executive of commercial and institutional business. 2024: March: The Government's stake in NatWest dropped below 30%, meaning it was no longer classed as being a controlling shareholder. July: The Treasury began accelerating the sale process and its shareholding dropped below 20%. December: The Treasury's shareholding fell below 10%. 2025: May: The Government sells its remaining shares in NatWest, returning it to private ownership for the first time since 2008. The Treasury confirmed that the sale came at a £10.5 billion loss to the UK taxpayer. But Chancellor Rachel Reeves said the bailout was 'the right decision then to secure the economy'.
