Key Developments: Royal Bank of Scotland Group PLC (RBS)

RBS on New York Consolidated

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31 Aug 2015
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Latest Key Developments (Source: Significant Developments)

Royal Bank of Scotland Group plc announces partial sale of Citizens Financial Group Inc
Wednesday, 29 Jul 2015 02:03am EDT 

Royal Bank of Scotland Group plc:Announces the final pricing of the offering of shares in Citizens Financial Group, Inc.Says the offering comprises 86 million shares, or 16.0 pct, of Citizens common stock at a public offering price per share of $26.00.  Full Article

Royal Bank of Scotland Group Plc announces disposal of loan portfolio
Thursday, 23 Jul 2015 02:00am EDT 

Royal Bank of Scotland Group Plc:Says agreement to dispose portfolio of loans to an entity funded by Deutsche Bank and funds affiliated with Apollo Global Management, LLC.At completion, RBS will receive cash consideration of approximately £400m at current exchange rates.Completion is expected in Sept. 2015.Says disposal proceeds will be used for general corporate purposes.  Full Article

Royal Bank of Scotland Group plc announces directorate change
Tuesday, 14 Jul 2015 04:00am EDT 

Royal Bank of Scotland Group plc:Further to its announcement on June 22, Sir Howard Davies will join Board as Non-executive Director with immediate effect.He will assume the role of Chairman on Sept. 1.  Full Article

Royal Bank of Scotland Group PLC could face $13 billion bill in U.S. mortgage bond case -court filings - Reuters
Monday, 6 Jul 2015 08:00pm EDT 

Royal Bank of Scotland Group PLC:Says may need to pay $13 billion to settle claims it misled investors in mortgage-backed securities, according to documents filed in a U.S. court - Reuters.Says the estimate was made in a filing by Philippe Selendy, a lawyer for Quinn Emanuel, which has brought the case for the U.S. Federal Housing Finance Agency and is based upon a previous judgement in a separate case involving RBS.Says RBS has so far set aside 1.9 billion pounds ($3 billion) to deal with the claims, which relate to the sale of about $32 billion of mortgage-backed debt in the United States.  Full Article

Global banks including Royal Bank of Scotland Group PLC admit guilt in forex probe, fined nearly $6 billion - Reuters
Wednesday, 20 May 2015 06:28pm EDT 

Royal Bank of Scotland Group PLC:Four banks pleaded guilty to trying to manipulate foreign exchange rates and, with two others, were fined nearly $6 billion in another settlement in a global probe - Reuters.Citigroup, JPMorgan Chase, Barclays Plc, UBS AG and Royal Bank of Scotland Plc were accused by U.S. and UK officials of brazenly cheating clients to boost their own profits using invitation-only chat rooms and coded language to coordinate their trades.All but UBS pleaded guilty to conspiring to manipulate the price of U.S. dollars and euros exchanged in the FX spot market.UBS pleaded guilty to a different charge.Bank of America Corp was fined but avoided a guilty plea over the actions of its traders in chatrooms.The misconduct occurred until 2013, after regulators started punishing banks for rigging the London interbank offered rate (Libor).The settlements stood out in part because the U.S. Department of Justice forced Citigroup's main banking unit Citicorp, and the parents of JPMorgan, Barclays and Royal Bank of Scotland to plead guilty to U.S. criminal charges.The Royal Bank of Scotland will pay a criminal fine of $395 million, and a $274 million penalty to the Fed.  Full Article

Royal Bank of Scotland Group PLC's subsidiary announces sale of further portfolio
Monday, 27 Apr 2015 02:00am EDT 

Royal Bank of Scotland Group PLC:Entered into a definitive agreement with Mizuho Financial Group's subsidiary Mizuho Bank Ltd for the sale of a further portfolio of corporate loan commitments.This transaction follows the announcement on Feb. 26 of a sale to Mizuho of a portfolio of US and Canadian loan commitments.The cash consideration will be about $0.5 bln.The transaction is expected to be substantially complete by the end of Q3 2015.  Full Article

Royal Bank of Scotland Group PLC declares half-yearly dividends
Thursday, 23 Apr 2015 12:22pm EDT 

Royal Bank of Scotland Group PLC:Declared half-yearly dividends on the 11 pct and the 5.5 pct cumulative preference shares.The dividends will be paid on May 29 at the rate of 5.5 pct and 2.75 pct respectively, and will be paid to those preference shareholders on the register at the close of business on May 1.  Full Article

Royal Bank of Scotland Group PLC announces disposal of private banking and wealth businesses
Friday, 27 Mar 2015 03:30am EDT 

Royal Bank of Scotland Group PLC:Announces agreement to sell it's internationally managed Private Banking and Wealth Management business to Union Bancaire Privée UBP SA.Says sale comprises client relationships outside British Isles and associated staff.Sale includes relationships managed from Switzerland, Monaco, UAE, Qatar, Singapore and Hong Kong.Price paid will be determined in part by assets under management on closing.Initial closing of transaction is envisaged in Q4.Majority of business is expected to transfer, with remainder during H1 of 2016.  Full Article

Citizens Financial Group, Inc announces secondary common stock offering by Royal Bank of Scotland Group plc
Monday, 23 Mar 2015 06:42am EDT 

Citizens Financial Group, Inc (CFG):Says The Royal Bank of Scotland Group plc (RBS), through subsidiary, has launched an underwritten public offering to sell it's common stock.Says it will not be issuing or selling common stock, and will not receive any proceeds from the offering.Number of shares of CFG common stock to be sold by RBS is expected to equal 115 mln shares.In addition, RBS will grant underwriters an over allotment option to purchase up to an additional 17.25 mln shares.Completion of public offering, assuming no exercise of over allotment option, is expected to reduce RBS's ownership stake in CFG common stock from 384.7 mln shares, or 70.3 pct, to 269.7 mln shares, or 49.3 pct.Offering is being made through global coordinators and joint book-running managers Morgan Stanley and Goldman, Sachs & Co and joint book runners J.P. Morgan and Citigroup.  Full Article

Royal Bank of Scotland Group PLC to cut up to 14,000 jobs in investment banking unit - FT
Tuesday, 3 Mar 2015 05:28pm EST 

Royal Bank of Scotland Group PLC:Is aiming to cut as many as 14,000 jobs in its investment banking units across the United States and Asia - The Financial Times.Of the total 18,000 people who work for RBS' investment banking unit, it aims to slash as many as four of every five positions by 2019, while overhauling the back-office systems to automate them.RBS said last week it will shrink its investment banking operations from 25 countries in Europe, Asia and the Middle East.  Full Article

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U.S. leaning against regulatory relief for three banks in Libor scandal

WASHINGTON - The U.S. Labor Department is leaning toward denying requests for regulatory relief by three big foreign banks that pleaded guilty to manipulating Libor interest rates but want to keep managing retirement accounts for clients.

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