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By: Staff Reporter
The Royal Bank of Scotland (RBS) has said it will exit all non-core retail businesses outside of the United Kingdom.
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According to a company statement, the bank’s reverse mortgages business in Australia will close to all new business effective immediately.
However, the decision will not impact existing customers with mortgage loan products.
“There will be no changes to the current loan Terms and Conditions and all existing commitments, including amounts under flexible draw and monthly income draw down options, will be honoured in accordance with the Terms and Conditions,” the company statement read.
The bank’s decision to pull itself out of all international markets comes on the back of a strategic review of the business conducted in February last year.
