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RBS Holds $3.5B in Lyondell Loans
Royal Bank of Scotland (RBS Quote) carries the largest lending exposure to bankrupt chemical company Lyondell Chemical, according to a Monday report by Bloomberg.
The report indicated that RBS holds $3.47 billion in loans to the Texas-based Lyondell, which is an indirect subsidiary of Netherlands firm LyondellBassell Industries. The U.S. unit filed for bankruptcy protection on Jan. 6.
RBS got the outstanding loans following its buyout of ABN Amro Holding's investment bank. ABN Amro had lent $1.6 billion in lower-ranking credit to Lyondell, according to Bloomberg. ...
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