Royal Bank of Scotland’s retreat from commercial banking worldwide is forcing companies including Royal Dutch Shell to seek others to manage their cash, according to three people with knowledge of the matter.
Bloomberg News reports that the world’s second-biggest oil company by sales is among clients of RBS’s cash-management unit trying to find other banks to provide checking accounts and process payments as the lender exits the business outside the U.K. and Ireland, said the people, who asked not to be identified because the talks are private.
'RBS is losing their overseas customers as big companies simply can’t get the services they need outside of the U.K.', said Stephen Baseby, associate policy and technical director at the London-based Association of Corporate Treasurers. 'RBS is paying for what they did in the financial crisis'.
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