RBS and Brit sign syndication deal

by Richard Kilner

Story link: RBS and Brit sign syndication deal

The Royal Bank of Scotland and Brit Insurance Holdings PLC have agreed to a deal for a five year syndicated Revolving Credit Facility to the tune of £150m.

The deal is a sign that even given the present turbulence in the credit markets quality credit can receive good support, according to Matthew Scales, group finance director of Brit Insurance Holdings.

Scales went to explain that the facility provides the holding company standby liquidity, as it has yet to be drawn, enabling more efficient capital management amongst the operating companies.

Speaking on behalf of RBS, Roland Stumpf stated that the bank’s knowledge of the industry allowed it to offer a flexible facility that can adapt to the ongoing needs of Brit in the future.

Both Scales and Stumpf have stated their own satisfaction with the deal and the other firm involved.