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23 Nov 2005

Royal Bank of Scotland

[DOC] Royal Bank of Scotland statement in response to concerns raised about loan to Sonangol (Angola’s state oil company)

Calyon [part of Crédit Agricole] is the agent bank mandated by Sonangol to arrange this facility. We are bound by a confidentiality agreement in this respect. Our formal approval process for all facilities is extensive, involving several committees and transaction reviews, including compliance, legal and credit risk due diligence. We conduct our business scrupulously according to the laws and regulations laid down by governments and contained within internationally accepted codes and standards.

Part of the following timelines

Oil-rich Angola seeks fruits of peace [full article is subscription only]

Table indicating which banks have responded to concerns raised about loan to Sonangol (Angola’s state oil company)