RBS back in the black

TROUBLED Royal Bank of Scotland has unveiled first-half profits for the first time in three years – but this was overshadowed by a money-laundering probe.

The NatWest owner made £939m in the opening six months of 2017, a major turnaround from its £2bn loss for the same period last year. However, the bank is still on course for an annual loss, the tenth since it was nearly destroyed by the financial crisis.

The lender revealed that the Financial Conduct Authority is investigating it for suspected breaches of money laundering rules. It said a probe was started last month but declined to give any further details. The FCA also didn’t want to comment.

There is growing speculation that the Government may soon sell down taxpayers’ 71.5pc stake in RBS, acquired when the bank was handed a £46bn bailout.

Ministers are thought to be waiting until after RBS has been fined by the US Department of Justice for selling toxic bundles of mortgage debt in the run-up to the Great Recession.

NINE funds jointly run by HSBC and overseas partners have been blacklisted in China for misbehaviour over stock market floats.