Royal Bank of Scotland is investigating suspected fraud in its China unit after discovering “potential irregularities” in its commercial banking business. The bank said on Wednesday that the probe related to accounts within the small and medium-sized banking business at ABN Amro China. Local media reported last month that the alleged fraud may have resulted in client losses of up to Rmb20m ($3m). ABN Amro China, acquired by RBS in 2007, declined to comment on the scale of the potential losses and has reported the matter to Chinese regulators.

This entry was posted by Gwen Robinson on Thursday, December 17th, 2009 at 5:02 and is featured in The 6am Cut London (17 Dec 2009) . Tagged with ABN Amro China, rbs. Edit this entry.