Royal Bank of Scotland has shut its ‘bad bank’ division originally set up to keep the firm trading after the financial crash.
RBS’s Capital Resolution division was set up in 2013 following the UK government bailout of the bank.
The BBC reports that RBS chief executive Ross McKewan has hailed the shuttering of Capital Resolution as “a key moment”.
The division was founded to contain more than £300bn of unwanted RBS loans. The lender then began selling off the assets to shrink its overall size.
At closure, Capital Resolution contained around £38bn of assets that RBS could not dispose of. These have been folded back into the rest of the bank.
The RBS arm once employed 19,000 people. It now has a headcount of 80.