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RBS to take $400 mln loss on senior debt tender

Reuters - UK Focus

LONDON, Nov 26 (Reuters) - Royal Bank of Scotland Group plc said it will book a loss of around 265 million pounds ($400 million) after completing a tender for certain U.S (Other OTC: UBGXF - news) . dollar, Sterling and Euro senior debt securities as it seeks to trim its long-term interest expenses.

The bank, which is more than 70 percent owned by the British taxpayer, is expected to save around 455 million pounds over the life of the relevant bonds, which mature between 2017 and 2018, the bank said in a statement on Thursday.

The take up rate of the tender was 56.5 percent, with a total of 2.4 billion pounds tendered, it added. ($1 = 0.6620 pounds) (Reporting By Sinead Cruise; editing by Alexander Smith)