Monday, Royal Bank of Scotland Group Plc (RBS,RBS.L) announced a trading update ahead of the announcement of its 2008 results on February 26.
The bank said that credit and market conditions in the fourth quarter of 2008 were particularly challenging. RBS estimates that the group will report a full-year 2008 attributable loss, before exceptional goodwill impairments, of between GBP 7 billion and GBP 8 billion.
RBS also expects to report break-even underlying financial performance after credit impairment losses, reflecting profitability across its retail and commercial business in the UK and elsewhere, offset by losses in the Global Banking and Markets division, or GBM.
Further, the bank announced that it reached an agreement with HM Treasury and UK Financial Investments to replace the GBP 5 billion of preference shares it holds with new ordinary shares.
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