RBS in panic letter to law firms as e-tender looms

The Royal Bank of Scotland (RBS) has moved to placate its law firm banking clients as they await the results of the grossly unpopular online tender for its new group legal panel.
In an unprecedented move, the bank has taken the step of writing to a number of law firms in a bid to appease them.
The corporate banking arm counts many RBS adviser firms as banking clients.
Firms have been complaining about RBS’s squeeze on fees and the arduous bidding process run by procurement company FreeMarkets.
In letters to senior partners last week, the bank said it realised the process had created difficulties for its “law firm friends”.
The letter said: “We continue to value highly our relationships with law firms and recognise the importance of issues such as reciprocity.”
RBS was unavailable for comment.