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Royal Bank of Scotland Group PLC (RBS.L)

RBS.L on London Stock Exchange

261.40GBp
25 Sep 2017
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Latest Key Developments (Source: Significant Developments)

RBS says plan to help challenger banks consistent with previous provision
Monday, 18 Sep 2017 12:15pm EDT 

Sept 18 (Reuters) - ROYAL BANK OF SCOTLAND ::‍EUROPEAN COMMISSION FORMALLY APPROVES ALTERNATIVE REMEDIES PACKAGE IN RELATION TO RBS'S REMAINING STATE AID COMMITMENTS​.‍ALTERNATIVE REMEDIES PACKAGE REMAINS CONSISTENT WITH 800 MLN STG PROVISION THAT RBS TOOK IN RELATION TO EXPECTED COSTS OF PACKAGE IN H2 2016 AND H1 2017​.‍"REMAIN COMMITTED TO RESOLVING OUR LAST REMAINING MAJOR LEGACY ISSUE, INVESTIGATION INTO OUR HISTORIC U.S. RMBS ACTIVITIES" - CEO​.  Full Article

UK government backs RBS's plan to help challenger banks
Monday, 18 Sep 2017 12:00pm EDT 

Sept 18 (Reuters) - UK'S HM TREASURY::A PLAN TO RESOLVE RBS' FINAL STATE AID COMMITMENT HAS BEEN AGREED IN PRINCIPLE BETWEEN THE UK GOVERNMENT AND THE EU COMMISSION‍​.PLAN TO RESOLVE RBS' FINAL STATE AID COMMITMENT, WORTH ABOUT £835 MILLION, HAS BEEN AGREED IN PRINCIPLE.PLAN INCLUDES A £425 MILLION CAPABILITY & INNOVATION FUND COMPRISED OF 15 GRANTS THAT ELIGIBLE CHALLENGER BANKS AND OTHER FINANCIAL SERVICES PROVIDERS.PLAN INCLUDES £350 MILLION OF FUNDING TO INCENTIVISE SMES TO SWITCH THEIR ACCOUNTS FROM THE BUSINESS PREVIOUSLY DESCRIBED AS WILLIAMS & GLYN TO ELIGIBLE CHALLENGERS.RBS WILL ALSO FUND C. £60 MILLION OF ADDITIONAL IMPLEMENTATION AND OTHER COSTS.UK GOVERNMENT WILL NOW WORK WITH THE COMMISSION TO FORMALISE THE REVISED PLAN, INCLUDING THE NEXT STEPS ON IMPLEMENTATION.  Full Article

RBS says John Hughes to step down from board
Friday, 1 Sep 2017 09:35am EDT 

Sept 1 (Reuters) - Royal Bank Of Scotland :JOHN HUGHES WILL STEP DOWN FROM BOARD WITH IMMEDIATE EFFECT DUE TO HEALTH ISSUES.  Full Article

UK's Unite says RBS to cut 40 pct IT staff by 2020
Tuesday, 15 Aug 2017 06:10am EDT 

Aug 15 (Reuters) - UK'S UNITE: :UK'S UNITE - ROYAL BANK OF SCOTLAND TOLD STAFF ON AUG.15 THAT IT WILL BE CUTTING A FURTHER 40 PER CENT OF PERMANENT STAFF FROM ITS LONDON IT FUNCTION BY 2020.UK'S UNITE - COUPLED WITH 65 PER CENT REDUCTION OF CONTRACTORS ANNOUNCED TODAY, WILL TOTAL A REDUCTION OF 880 STAFF.UK'S UNITE - "BRANDED ROYAL BANK OF SCOTLAND FIXATION WITH CUTTING EMPLOYEE NUMBERS, RESTRUCTURING AND OFFSHORING WORK AS WHOLLY UNACCEPTABLE".UK'S UNITE - "LATEST ANNOUNCEMENT THAT 650 PERMANENT STAFF AND 230 CONTRACTORS ARE TO LOSE THEIR LIVELIHOODS FOLLOWS ANNOUNCEMENT IN 2016 OF 600 STAFF CUTS".  Full Article

Royal Bank of Scotland to redeem $1.21 dollar preference shares
Monday, 7 Aug 2017 02:05am EDT 

Aug 7 (Reuters) - Royal Bank Of Scotland :Royal Bank of Scotland Group plc ("RBSG") has given notice to holders of redemption of certain series of non-cumulative dollar preference shares.Preference shares will cease to accrue dividends and shall be cancelled and all unmatured dividend coupons and talons (if any) shall become void for any purpose, as from relevant redemption date.Approximately 0.93 billion pounds ($1.21 billion)(equivalent) of preference shares are expected to be redeemed, reducing RBSG's retained earnings and distributable items by approximately 0.93 billion pounds..The redemption amount with respect to each series of Preference Shares shall be paid out of distributable reserves of RBSG.The Series F ADSs, the Series H ADSs and the Series L ADSs will cease to trade on the New York Stock Exchange from the Series F Preference Shares Redemption Date, the Series H Preference Shares Redemption Date and the Series L Preference Shares Redemption Date, respectively.An application will be made to the U.K. Financial Conduct Authority, in its capacity as the U.K. Listing Authority, to cancel the listings of the Series 1 Dollar Preference Shares on the Official List of the U.K. Listing Authority..  Full Article

Royal Bank of Scotland net interest margin stable
Friday, 4 Aug 2017 02:06am EDT 

Aug 4 (Reuters) - Royal Bank Of Scotland :Net interest margin (nim) was stable on h1 2016 at 2.18 percent.A net impairment loss of £116 million.Current estimate of ifrs9 impact if applied on 1 july 2017, is to increase credit impairment provisions by £0.5 billion before tax.An incremental charge of £50 million for williams and glyn remedy package.Defaults in h1 2017 remained at very low levels in uk banking business.  Full Article

Royal Bank Of Scotland updates on remaining state aid obligation
Wednesday, 26 Jul 2017 11:31am EDT 

July 26 (Reuters) - ROYAL BANK OF SCOTLAND GROUP PLC :BEEN INFORMED BY HM TREASURY THAT AN ALTERNATIVE REMEDIES PACKAGE HAS NOW BEEN AGREED IN PRINCIPLE BETWEEN HMT AND EC COMMISSIONER RESPONSIBLE FOR COMPETITION.REVISED PACKAGE IS FOCUSED ON FOLLOWING TWO REMEDIES TO PROMOTE COMPETITION IN MARKET FOR BANKING SERVICES TO SMALL AND MEDIUM ENTERPRISES IN UK.  Full Article

Moody's says UK banks profitability and liquidity to receive boost from BOE low cost funding scheme
Wednesday, 21 Jun 2017 03:12am EDT 

June 21 (Reuters) - :Moody's - UK banks' profitability, funding and liquidity to receive boost from boe low cost funding scheme.Moody's - large banks, primarily Royal Bank of Scotland Plc (A2/A3 stable, baa3); lloyds bank plc (A1/A1 stable, baa1), have driven early TFS demand.Moody's on UK banks - expects that other lenders will follow in 2017, as they fund loan growth while also replacing maturing FLS funds.  Full Article

Royal Bank Of Scotland welcomes credit rating upgrade by Moody's
Thursday, 15 Jun 2017 01:21pm EDT 

June 15 (Reuters) - Royal Bank Of Scotland ::RBS welcomes credit rating upgrade by Moody's.Rating action reflects Moody's expectation for more stable performance in medium term resulting from group's multi-year restructuring.Moody's have also affirmed senior debt ratings at RBS Plc and Natwest Plc.  Full Article

RBS closing on a multibillion pound settlement with U.S. regulator over mis-selling of toxic mortgage bonds - Sky News
Monday, 12 Jun 2017 01:53pm EDT 

June 12 (Reuters) - :Royal Bank of Scotland closing on a multibillion pound settlement with a U.S. Regulator over mis-selling of toxic mortgage bonds - Sky News.  Full Article

Litigation costs to rub salt in RBS investor wounds

LONDON Some RBS shareholders, who lost most of their money after a credit crisis-era rights issue, could receive less than a quarter of their settlement after litigation costs, according to a letter seen by Reuters.