The Royal Bank of Scotland Group has given further details of the intra-group legal entity transfers which took place on 1 January following its announcement of 30 September relating to its future ring-fenced legal entity structure.
These transfers 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, the Royal Bank of Scotland Group introduced an intermediate holding company on 1 January named NatWest Holdings Limited (NatWest Holdings), as a direct subsidiary of The Royal Bank of Scotland plc. 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, 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.
The RBS International business will sit outside RBS’s 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.
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.
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: 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.
At 3:24pm: (LON:RBS) Royal Bank of Scotland Group The PLC share price was +6.25p at 230.85p
Story provided by StockMarketWire.com