(Reuters) -Britain's Secure Trust Bank on Monday said it would need provisions of about 21 million pounds ($28.2 million) for compensating customers of the motor financing mis-selling scandal, roughly
Secure Trust Bank Increases Motor Finance Mis-Selling Provision to $28M
Overview of Secure Trust's Provision Increase
(Reuters) -Britain's Secure Trust Bank on Monday said it would need provisions of about 21 million pounds ($28.2 million) for compensating customers of the motor financing mis-selling scandal, roughly 16 million pounds higher than its previous projection.
Impact on CET1 Ratio
The increase in provisions would reduce Secure Trust's CET1 ratio - a closely watched measure of spare cash at banks - by about 50 basis points to 12.8%, the company added.
Background of the Mis-Selling Scandal
($1 = 0.7447 pounds)
(Reporting by Ankita Bora in Bengaluru; Editing by Harikrishnan Nair)
