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RBS to invest massively in IT infrastructure

May 16, 2013

RBS chair Philip Hampton has announced that the Royal Bank of Scotland Group will invest an additional £450 million ($688.55 million) in modernizing its information technology infrastructure in Scotland, according to a report in Business Banking Review. 

This comes on top of the £2 billiion ($3.06 biillion) the bank normally budgets annually for IT. The additional funds will be applied toward resolving IT systems issues that, for several days last summer, left customers unable to use their debit cards to withdraw cash at an ATM or to make a purchase on a POS terminal.

BBR cited a quote from the Wall Street Journal in which Hampton, addressing the bank's general meeting, said, "Building and maintaining a top class infrastructure is fundamental."

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