Key Developments: Royal Bank of Scotland Group PLC (RBS)
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24 May 2013
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Latest Key Developments (Source: Significant Developments)
Royal Bank of Scotland Group PLC Declares Dividend
Royal Bank of Scotland Group PLC announced that the Directors have declared half-yearly dividends on the 11% and the 5.5%cumulative preference shares. The dividends will be paid on May 31, 2013 at the rate of 5.5% and 2.75% respectively and will be paid to those preference shareholders on the Register at the close of business on May 3, 2013. Full Article
Royal Bank of Scotland Group PLC Being Sued Over Misleading 2008 Cash Call-Reuters
Reuters reported that A group of shareholders in Royal Bank of Scotland (RBS) has launched a multi-million pound lawsuit against the state-owned bank for misleading investors at the height of the credit crisis in 2008. In the first court document filed in the UK over the bank's record GBP12 billion ($18 billion) cash call in April 2008, a group of 21 claimants, including international investors and pension funds, allege the bank published a defective prospectus littered with misstatements and omissions. Full Article
Assured Guaranty Ltd Sues Royal Bank of Scotland Group PLC Mortgage-Loan Securitization-DJ
Dow Jones reported that according to Bloomberg News, a unit of Assured Guaranty Ltd. (AGO) sued Royal Bank of Scotland Group PLC in federal court in New York over a mortgage-loan securitization. Full Article
CVC, Royal Bank of Scotland Group PLC Exit Samsonite International SA With $528 Million Stake Sale Terms-Reuters
Reuters reported that private equity firm CVC Capital Partners and Royal Bank of Scotland Group PLC sold a combined $528 million stake in Samsonite International SA. The 212.4 million shares were sold at HKD19.28 ($2.48) each. That would put the total deal at about HKD4.1 billion, with about 65% of the shares sold by CVC and the remainder by RBS. With the latest sale, CVC and RBS exited completely their holdings in the company. Goldman Sachs was the sole underwriter on the selldown. Full Article
Royal Bank of Scotland Group PLC Completes Partial Sale Of Direct Line Group plc Ordinary Shares
Royal Bank of Scotland Group PLC announced that on March 12, 2013, RBS has completed the sale of 252.3 million ordinary shares in Direct Line Insurance Group plc (Direct Line Group) at a price of GBP2.01 pence per share, raising gross proceeds of GBP507 million, assuming the over-allotment is exercised in full. RBS now holds 726.9 million ordinary shares of Direct Line Group, representing 48.5% of the issued ordinary share capital. If the over-allotment option is not exercised, RBS's remaining stake will comprise 749.9 million shares, equivalent to 49.99% of Direct Line Group's issued ordinary share capital. Full Article
Royal Bank of Scotland Group PLC Plans IPO-Reuters
Reuters reported that Royal Bank of Scotland Group PLC (RBS) is set to signal that it plans a partial sale of its U.S. bank Citizens this year or next. RBS will say at its annual results on February 28, 2013 that its preferred option for Citizens is an initial public offering (IPO) in New York to sell about 20%-25%of the bank. RBS declined to comment. Full Article
Royal Bank of Scotland Group PLC Starts Shutting Down Branches, To Retrench Nearly 1000 Staff-The Economic Times
The Economic Times reported that British banking major Royal Bank of Scotland Group PLC (RBS) will be laying-off some of 1,000 employees as it winds down retail and commercial business in the country. As part of winding down plans for the R&C (retail & commercial) business here, RBS India has reviewed operating model and this will unfortunately lead to a number of job losses, it said in a statement. It, however, did not specify the number of people who will be laid off. The affected employees are being informed over the coming days and will be treated fairly and in line with RBS policies, the statement said, adding the preferred banking division, frontline sales and some from Van Gogh Preferred Banking will be impacted following this. Full Article
Royal Bank of Scotland Group PLC To Lay Off 25% Of Staff As Search For Buyer Continues-The Economic Times
The Economic Times reported Royal Bank of Scotland Group PLC which is neither keen to run the Indian retail and small companies business nor able to find a buyer for it, will lay off a quarter of its workforce and shutter branches, said two people familiar with the plans. The British bank, bailed out with the UK taxpayers' money during the 2008 credit crisis, will retrench about 200 of its nearly 1,000 staff in the two businesses and close 22 branches to cut costs amid the search for a buyer, said the people who did not wish to be identified. A huge team from customer acquisition and sales division has been asked to go, said one of the people. In all, more than 200 people are being sacked. The bank is discussing severance package with these people. RBS, which sold its Asian assets to Australia and New Zealand Banking Corp to comply with the bailout norms, was caught in a regulatory web in India. RBS had to scrap a deal to sell its Indian unit to Hong Kong and Shanghai Banking Corp after the Reserve Bank of India could not agree to the terms. The impacted employees will be treated fairly and in line with RBS Group policies. The layoffs include nearly 60 people from the preferred banking division, 35 from frontline sales and some from Van Gogh Preferred Banking, once the cream of clients of the erstwhile ABN Amro. Full Article
Royal Bank of Scotland Group PLC Face Fine Of $612 Million For Rate Rigging-Reuters
Reuters reported that Royal Bank of Scotland Group PLC will pay $612 million to U.S. and British authorities to settle allegations it manipulated benchmark interest rates, and regulators warned there is more to come in the global investigation. Full Article
Royal Bank of Scotland Group PLC To Be Hit With GBP400 Million Fines Over Libor-Reuters
Reuters reported that Royal Bank of Scotland Group PLC will be punished for its role in the global interest-rate rigging scandal with fines of around GBP400 million ($627 million). The lender expected to pay significant penalties to settle regulatory probes into rigging Libor and other benchmark interest rates, but did not specify what fines it expected. RBS was in late stage settlement discussions with regulators in Britain and the United States, but no fines had yet been agreed. The bank will be fined by authorities in Britain and the United States for the attempted manipulation of the London interbank offered rate or Libor and other rates. Reports have said it could also face criminal charges. Full Article
Forward Calendar - U.S. corporate bond new issues
May 24 - The following are lists of upcoming high-grade and high-yield corporate bond offerings in the United States. The information was gathered from Thomson Reuters U.S. new issues team, and other market sources: *Denotes 144a private placement debt offering. HIGH-GRADE BOND SALES EXPECTED FOR THE WEEK OF 5/20/2013 COMPANY AMT MAT/DEBT RTGS MGRS PRICED *Amer. Honda Fin. $1.25 bln 3-yr frn A1/A+/NA CS/DB/MIZ 5/22
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