Royal Bank of Scotland Group PLC Ring-fencing Legal Entity Transfers (2293T)
January 03 2017 - 10:00AM
UK Regulatory
TIDMRBS
RNS Number : 2293T
Royal Bank of Scotland Group PLC
03 January 2017
Ring-fencing Legal Entity Transfers
Further to the announcements of 30 September 2016 relating to
its future ring-fenced legal entity structure, The Royal Bank of
Scotland Group plc (RBS) is today providing further details of the
intra-group legal entity transfers which took place on 1 January
2017.
These transfers, described and illustrated in the group
corporate structure chart at the link below, are the first of a
number of planned moves and form part of RBS's ongoing
restructuring plans to ensure it complies with the legal and
regulatory requirements to ring-fence its retail and small and
medium-sized enterprises banking services from its investment
banking operations by 1 January 2019.
RBS's ring-fencing planning remains subject to regulatory, Board
and other approvals as well as employee information and
consultation procedures.
NatWest Holdings Limited
In line with its announcement of 30 September 2016, on 1 January
2017, The Royal Bank of Scotland Group plc introduced an
intermediate holding company named NatWest Holdings Limited
(NatWest Holdings), as a direct subsidiary of The Royal Bank of
Scotland plc (Royal Bank). However, this is an interim structure as
NatWest Holdings is expected to become a direct subsidiary of The
Royal Bank of Scotland Group plc in mid-2018.
On 1 January 2017, National Westminster Bank Plc (NatWest) and
Adam & Company Group PLC transferred from the Royal Bank and
Ulster Bank (Ireland) Holdings Unlimited Company transferred from
Ulster Bank Limited, to become direct subsidiaries of NatWest
Holdings.
RBS International
The RBS International business will sit outside RBS' ring-fenced
sub-group of companies. RBS has taken an important step to
implementing this new structure by transferring The Royal Bank of
Scotland International (Holdings) Limited (RBSI Holdings) from RBSG
International Holdings Limited and National Westminster
International Holdings BV to become a direct subsidiary of The
Royal Bank of Scotland Group plc on 1 January 2017.
RBS International's operating companies will remain as
subsidiaries of RBSI Holdings.
Additional Intra-Group Transfers
In support of its previously communicated strategy of including
permitted business within the ring-fenced sub-group of companies,
RBS has also transferred its Lombard and RBS Invoice Finance
businesses into the future ring-fenced sub-group structure. Lombard
North Central PLC and RBS Invoice Finance (Holdings) Limited
transferred from Royal Bank to NatWest on 1 January 2017.
Finally, RBS has completed a number of other intra-group legal
entity transfers, all supporting our target legal entity structure.
Specifically, the following companies transferred to NatWest on 1
January 2017: The Royal Bank of Scotland Group Independent
Financial Services Limited and RBSG Collective Investments Holdings
Limited from The Royal Bank of Scotland Group plc and KUC
Properties Limited from KUC Holdings Limited. NatWest Bank Nominees
(Jersey) Limited also transferred to The Royal Bank of Scotland
International (Holdings) Limited from NatWest.
The Royal Bank of Scotland Group plc will continue to be the
primary issuing entity for funding and capital raising activities.
RBS continues to work through its ring-fencing plans and any
implications for debt issued by RBS's entities will be announced in
due course.
For further information contact:
RBS Investor Relations
Alexander Holcroft
Head of Equity Investor Relations
+44 20 7672 1982
Matthew Richardson
Head of Fixed Income Investor Relations
+44 20 7678 1800
RBS Media Relations
+44 131 523 4205
Forward-looking statements
This announcement contains forward-looking statements within the
meaning of the United States Private Securities Litigation Reform
Act of 1995, including those related to RBS and its subsidiaries'
regulatory capital position and requirements, financial position,
future pension funding requirements, on-going litigation and
regulatory investigations, profitability, impairment losses and
credit exposures under certain specified scenarios. In addition,
forward-looking statements may include, without limitation,
statements typically containing words such as "intends", "expects",
"anticipates", "targets", "plans", "believes", "risk", "estimates"
and words of similar import. These statements concern or may affect
future matters, such as RBS's future economic results, business
plans and current strategies. Forward-looking statements are
subject to a number of risks and uncertainties that might cause
actual results and performance to differ materially from any
expected future results or performance expressed or implied by the
forward-looking statements. Factors that could cause or contribute
to differences in current expectations include, but are not limited
to, legislative, fiscal and regulatory developments, accounting
standards, competitive conditions, technological developments,
exchange rate fluctuations and general economic conditions. These
and other factors, risks and uncertainties that may impact any
forward-looking statement or RBS's actual results are discussed in
RBS's UK Annual Report and Accounts and materials filed with, or
furnished to, the US Securities and Exchange Commission, including,
but not limited to, RBS's Reports on Form 6-K and most recent
Annual Report on Form 20-F. The forward-looking statements
contained in this announcement speak only as of the date of this
announcement and RBS does not assume or undertake any obligation or
responsibility to update any of the forward-looking statements
contained in this announcement, whether as a result of new
information, future events or otherwise, except to the extent
legally required.
Legal Entity Identifier: 2138005O9XJIJN4JPN90
http://www.rns-pdf.londonstockexchange.com/rns/2293T_-2017-1-3.pdf
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCSSLFLDFWSEIF
(END) Dow Jones Newswires
January 03, 2017 10:00 ET (15:00 GMT)
Natwest (LSE:NWG)
Historical Stock Chart
From Mar 2024 to Apr 2024
Natwest (LSE:NWG)
Historical Stock Chart
From Apr 2023 to Apr 2024