Staff at Lombard, the asset finance
division of Royal Bank of Scotland (RBS), have been notified that a
number of Lombard’s business units – including Lombard Vehicle
Management – are being reviewed, with some deemed “non-core”.
Earlier this year, following the government’s
nationalisation of the bank, RBS announced plans to deleverage its
balance sheet and move certain businesses into the new
Restructuring and Risk division of the bank.
“This is an important step in our strategy to
rebuild RBS over the next three to five years,” said a spokesman
RBS is now considering potential options for the
future of the specialist business units which are being moved into
Restructuring and Risk. There is widespread speculation that the
non-core businesses will be either sold or wound down.
However, the RBS spokesman noted the term
“non-core” was being used loosely. He stressed the “review process
was still underway and that no conclusions have been made as
“Nothing is currently up for sale,” he added.
“We would stress that while we work through this
review process, both customers and suppliers will not see any
change to their service proposition and indeed our immediate
priority is to ensure customers and suppliers of all Lombard
businesses continue to experience the levels of service they have