RBS Introducing New Intermediate Holding Company for Ring-Fenced Entities Early Next Year
September 30 2016 - 2:59AM
Dow Jones News
By Ian Walker
LONDON--Royal Bank of Scotland Group PLC (RBS.LN) said Friday it
continues to work through its ring-fencing plans, and will
introduce a new intermediate holding company to be called NatWest
Holdings Ltd. at the beginning of 2017.
As previously announced, RBS, which is 73%-owned by the U.K.
Government, will place most of its U.K. and Western European
banking business in ring-fenced banking entities into the new
holding company.
Corporate and institutional banking activities will be in a
non-ring-fenced bank, and RBS International business will be placed
outside the ring-fence, both as subsidiaries of the Royal Bank of
Scotland Group, RBS said.
Under U.K. ring-fencing legislation, Banks are required to
separate essential banking services from investment banking
services from Jan. 1, 2019.
Chief Executive Ross McEwan said: "The future ring-fenced
structure of the bank is not only designed to be in compliance with
the new regulatory requirements and objectives but will better
reflect who we are as a bank."
Write to Ian Walker at
ian.walker@wsj.com<mailto:ian.walker@wsj.com>;
@IanWalk40289749
(END) Dow Jones Newswires
September 30, 2016 02:44 ET (06:44 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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