San Fransisco Chronicle – – HSBC Holdings Plc, Royal Bank of Scotland Group Plc and Barclays Plc will set aside about $3.4 billion for customers improperly sold personal-loan insurance after abandoning a lawsuit to avoid paying compensation.
Barclays, Britain’s second-biggest lender by assets, will earmark 1 billion pounds ($1.6 billion) and HSBC $440 million, the banks said in separate statements yesterday. Edinburgh-based RBS, which had already made a provision of 100 million pounds, will set aside an additional 850 million pounds, the bank said.
