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RBS to launch 'social bond' to boost lending in deprived areas

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RBS to launch 'social bond' to boost lending in deprived areas
FILE PHOTO: A worker cleans the glass exterior next to the logo of RBS (Royal Bank of Scotland) bank at a building in Gurugram on the outskirts of New Delhi, India, September 8, 2017. REUTERS/Adnan Abidi/File Photo   -   Copyright  Adnan Abidi(Reuters)
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LONDON (Reuters) – Royal Bank of Scotland <RBS.L> said on Friday it is launching the first “social bond” by a British lender, with the proceeds earmarked to back small businesses in some of the country’s most deprived areas.

RBS said it planned to announce pricing and how much it intended to raise later today, after engaging with potential investors during a roadshow this week.

The lender said the bond would be linked to around 2.5 billion pounds of lending to small firms in disadvantaged areas, adding it would be the first issued under its new green, social and sustainability framework for bonds.

(Reporting by Iain Withers; editing by Simon Jessop)

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