News

British Bank cancels Private Jet order

The Royal Bank of Scotland (RBS) has recently cancelled an order for a Falcon 7X private jet, a long-range plane manufactured by France’s Dassault Aviation. 

RBS had already deposited $4 million for the aircraft, a loss that could be deferred to British tax payers via rescue package from the government. 

With the cancellation, RBS joins extensive list of bailed out banks that have cancelled orders for private jets. The list includes US bank Citigroup, which cancelled an order for a business jet last January. 

RBS ordered the Dassault Falcon 7X five years ago. Back then, the jet was at a price range of $40-45 million. 

RBS availed of a bail-out package from the British government late last year. The bank received 16.6 million pounds.