RBS squeezed struggling businesses to boost profits
RBS forced solid, viable businesses to fail …so they could make money from exit fees. “Many business owners complained that unrealistically low valuations were used to claim they had breached their borrowing limits and force them into (restructuring / liquidation).”
RBS, you should be ashamed of yourselves! Business owners should sell their businesses when *they* are ready, not when *you* need to make a quick buck.
More than 12,000 companies were pushed into the bank’s controversial “turnaround” division – the so-called Global Restructuring Group (GRG) – in the wake of the crash.
Many of the small business owners affected say they have not only lost their businesses but also experienced family break-ups and deteriorating physical and mental health due to the stress of their treatment at the hands of the bank. Others have been made homeless or bankrupted.
The documents confirm that bank staff were rewarded with higher bonuses based on fees collected for “restructuring” business customers’ debts – cutting the size of their loans and getting cash or other assets from the customer.