Barclays, Royal Bank of Scotland subjects of UK competition probe
Barclays PLC and Royal Bank of Scotland PLC said on Monday that they are subjects of a regulatory investigation involving loans to professional service firms.
By Agencies |
LONDON: Barclays PLC and Royal Bank of Scotland PLC said on Monday that they are subjects of a regulatory investigation involving loans to professional service firms.
The Office of Fair Trading, the government competition watchdog, confirmed that investigators had visited premises of two firms but did not name them.
``The investigation has a narrow focus, relating to the provision of loan products to professional services firms, and is limited to two parties,'' the agency said
Barclays said it had contacted the OFT, initiating the investigation.
``Barclays recently became aware that certain members of its professional services team in Barclays Commercial Bank had been approached from outside Barclays in a manner which we regarded as inappropriate. Barclays notified the Office of Fair Trading of this voluntarily on 17 March,'' the company said a written statement issued by Alistair Smith, Barclays head of media relations.
``The investigation is operating within the confines of the professional services banking area and we believe that, if there is any issue, it starts and stops there,'' the statement said.
Royal Bank of Scotland said it was, ``as always, cooperating fully with the regulatory authorities and it would therefore be inappropriate to comment further.''
The Office of Fair Trading, the government competition watchdog, confirmed that investigators had visited premises of two firms but did not name them.
``The investigation has a narrow focus, relating to the provision of loan products to professional services firms, and is limited to two parties,'' the agency said
Barclays said it had contacted the OFT, initiating the investigation.
``Barclays recently became aware that certain members of its professional services team in Barclays Commercial Bank had been approached from outside Barclays in a manner which we regarded as inappropriate. Barclays notified the Office of Fair Trading of this voluntarily on 17 March,'' the company said a written statement issued by Alistair Smith, Barclays head of media relations.
``The investigation is operating within the confines of the professional services banking area and we believe that, if there is any issue, it starts and stops there,'' the statement said.
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Royal Bank of Scotland said it was, ``as always, cooperating fully with the regulatory authorities and it would therefore be inappropriate to comment further.''
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