October 13, 2009

The Royal Bank of Scotland has astounded shareholders and the government alike with news that the company is set to put its private art collection on public display. The collection contains paintings by some of the best-known artists in the world and is worth a significant amount of money on the open market. But why have companies such as Royal Bank of Scotland even got a private art collection?

If nothing else, the discovery of this private art collection reflects the flamboyant lifestyle of those in UK banking industry prior to the recent collapse. It is well-known that Sir Fred Goodwin had a liking for the "high life" but the truth is that he alone did not run the Royal Bank of Scotland even though he has taken most of the flak which has been coming the company's way.