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United States

Royal Bank of Scotland Group PLC (RBS)

RBS on New York Consolidated

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21 Feb 2017
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Latest Key Developments (Source: Significant Developments)

CYBG says it notified RBS that it has withdrawn its offer for Williams & Glyn
Monday, 20 Feb 2017 02:35pm EST 

CYBG Plc : Update on preliminary non-binding proposal to the Royal Bank Of Scotland Group Plc . Notified RBS that it has withdrawn its preliminary non-binding proposal for, and ceased discussions relating to Williams & Glyn operations Further company coverage: [CYBGC.L] ((Bangalore.newsroom@thomsonreuters.com;)).  Full Article

RBS takes 750 mln stg provision for new Williams & Glyn sale plan
Monday, 20 Feb 2017 02:06am EST 

Royal Bank Of Scotland : RBS has taken a £750 million provision within its 2016 annual results as a consequence of today's proposal . Alternative plan for RBS to meet its remaining state aid obligations . We will assess timing and manner in which we reincorporate business into rbs franchises. .This reintegration would likely create some additional restructuring charges during 2017 and 2018..  Full Article

RBS provides update on its remaining state aid obligation regarding the business previously described as Williams & Glyn
Friday, 17 Feb 2017 02:30pm EST 

Royal Bank Of Scotland : Update on RBS's remaining state aid obligation regarding the business previously described as Williams & Glyn . RBS- HMT said commissioner for EU competition policy to propose to college of commissioners to open proceedings for evidence on alternative plan to meet remaining state aid obligations . RBS - co agreed HMT will now seek formal amendment to co's state aid commitments to pave way for commissioner to propose to open proceedings . RBS - if adopted, alternative plan to replace existing requirement to achieve separation, divestment by Dec 31 of business earlier known as Williams & Glyn Further company coverage: [RBS.L] (Bengaluru Newsroom) ((+1 646 223 8780;)).  Full Article

RBS takes multibillion pound charge as U.S. mis-selling fine looms- Sky News
Wednesday, 25 Jan 2017 02:14pm EST 

: Royal Bank Of Scotland to announce within days it is taking another multibillion pound charge for mis-selling mortgage-backed securities - Sky News Source http://bit.ly/2jy4egV ((Bangalore.newsroom@thomsonreuters.com;)).  Full Article

India cenbank imposes monetary penalty on five authorised dealer banks
Wednesday, 21 Dec 2016 06:14am EST 

Reserve Bank of India: RBI imposes monetary penalty on five authorised dealer banks . Penalty of 10,000 rupees each on Bank of America, Bank of Tokyo Mitsubishi, The Royal Bank of Scotland, Standard Chartered Bank . Penalty of 20,000 rupees on Deutsche Bank . After considering facts of cases, banks’ replies in matter, RBI came to conclusion that violations were substantiated, warranted imposition of penalty. . Reserve Bank had issued a show cause notice to the banks, in response to which the banks submitted written replies and also made oral submissions thereon .Imposed monetary penalty on five banks for violation of rbi's instructions on reporting requirements of foreign exchange management act, 1999.  Full Article

Swiss competition panel fines banks in Swiss franc LIBOR case
Wednesday, 21 Dec 2016 01:36am EST 

: Swiss Competition Commission (comco) says has closed its investigation related to the Swiss franc LIBOR benchmark with an amicable settlement and imposes total fines of approximately chf 33.9 million . COMCO REACHED THE CONCLUSION JPMORGAN AND ROYAL BANK OF SCOTLAND (RBS) OPERATED, BETWEEN MARCH 2008 AND JULY 2009, A BILATERAL CARTEL WITH THE AIM OF INFLUENCING THE SWISS FRANC LIBOR BENCHMARK . COMCO SAYS JPMORGAN WAS FINED CHF 33.873 MILLION AFTER RECEIVING A REDUCTION OF ITS FINE FOR THE COOPERATION IN THE INVESTIGATION UNDER THE LENIENCY PROGRAMME . COMCO SAYS RBS RECEIVED FULL IMMUNITY FOR REVEALING THE EXISTENCE OF THE CARTEL TO THE COMCO . COMCO SAYS DECIDED TO DISCONTINUE THE PROCEDURE AGAINST THE TWO SWISS INTERDEALER/CASH BROKER COSMOREX AND GOTTEX .COMCO SAYS DECISION CAN BE APPEALED TO THE FEDERAL ADMINISTRATIVE COURT.  Full Article

RBS settles legal claims over 2008 rights issue with majority of claimants
Monday, 5 Dec 2016 02:11am EST 

Royal Bank Of Scotland : Settlement with majority of claimants in 2008 shareholder rights issue litigation . Without any admission of liability, rbs has concluded a full and final settlement with three out of five shareholder groups . In total, rbs is willing to make available settlement sums of up to £800 million assuming settlement of all claims, to be split among all five shareholder groups . Shareholder groups represented 77% of claims by value in 2008 shareholder rights issue litigation . Total settlement amount of up to £800 million is covered by existing provisions . Is willing to make available settlement sums of up to £800 million assuming settlement of all claims . Total settlement amount of up to £800 million is covered by existing provisions. . Will now seek to agree finalised terms with members of remaining two groups . Any claims for which settlement is not achieved will, however, continue to be vigorously defended .Trial for such claims is due to commence in march 2017.  Full Article

UK's FCA welcomes RBS's decision of fee refund programme for small businesses
Tuesday, 8 Nov 2016 02:43am EST 

UK'S FCA: Financial conduct authority- Review of Royal Bank Of Scotland's treatment of customers referred to its Global Restructuring Group . UK'S FCA - Review of Royal Bank Of Scotland's (rbs) treatment of Small And Medium Enterprise (SME) customers in financial difficulty . UK'S FCA - RBS'S proposals were developed with our involvement. We agree these are appropriate steps for RBS to take . UK'S FCA- RBS has agreed to provide automatic refunds for complex fees to some sme customers . UK'S FCA - Some isolated examples of poor practice were identified . UK'S FCA - Currently assessing what further work may be needed given findings in report . UK'S FCA- Report estimates in total over third of customers transferred to grg during relevant period expected to face insolvency, administration regardless of rbs' actions . UK'S FCA - Activities carried out by grg and addressed by rbs's proposals are largely unregulated; therefore, FCA's powers are limited in this area (Bengaluru Newsroom: +91 80 6749 1136).  Full Article

Moody's UK ring-fencing rules to impact banks' credit fundamentals
Monday, 26 Sep 2016 05:35pm EDT 

Moody's On Uk Banks: Fencing rules to impact banks' credit fundamentals .Expects that the ring fencing rules will affect HSBC, Barclays, RBS, Lloyds, Santander UK, but will not apply to nationwide.  Full Article

Santander has pulled out of talks with Royal Bank of Scotland to buy Williams & Glyn - FT, citing sources
Tuesday, 20 Sep 2016 12:04pm EDT 

:Santander has pulled out of talks with Royal Bank of Scotland to acquire Williams & Glyn - FT, citing sources.  Full Article

More From Around the Web

Fitch: Revised State Aid Plan Removes A Key RBS Uncertainty

(The following statement was released by the rating agency) LONDON, February 22 (Fitch) A revised plan for Royal Bank of Scotland Group (RBSG) to meet its remaining state aid obligations would remove one of the key cost challenges it faces in its restructuring strategy, Fitch Ratings says. We believe the plan, if agreed, would bring a faster and more certain conclusion to its state aid obligations than the existing requirement to sell all RBS branches in England and Wales and all NatWest br