RBS targets purchasing in merger savings plan_2
19 July 2012
Purchasing will be expected to deliver savings of at least £100 million a year following Royal Bank of Scotland’s takeover of NatWest earlier this month, writes Geraint John.
Early work will focus on reducing the number of suppliers to the combined group and cherry-picking the best existing deals. A timetable for achieving the savings has yet to be agreed, but an insider told SM it would be “sooner rather than later”.
In its offer document to shareholders, RBS pledged to cut annual costs by £1.2 billion within three years of a...