Shares in Royal Bank of Scotland (RBS) have rallied on the London Stock Exchange this morning (February 6th), as the institution anticipates how much it will have to pay to settle regulatory probes into rate rigging.
RBS is just one of the numerous banks caught up in the London Interbank Offered Rate (Libor) manipulation case and the organisation has revealed that it will be punished for the part it played in the scandal with fines of around £400 million.
The bank is accused of colluding with other lenders to rig Libor rates during the global financial crisis, with Barclays and UBS already receiving their penalties from the US and UK authorities.
RBS stated: "Although the settlements remain to be agreed, RBS expects they will include the payment of significant penalties as well as certain other sanctions."
At 09:45 GMT, shares in RBS rose by 1.5 per cent to 342.70p per unit.
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