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

RBS on New York Consolidated

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29 May 2015
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Latest Key Developments (Source: Significant Developments)

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 PrivĂ©e 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

Royal Bank of Scotland Group announces new chairman
Thursday, 26 Feb 2015 02:05am EST 

Royal Bank of Scotland Group PLC:Announced that Chairman Philip Hampton would leave the company effective August 31.Says Howard Davies appointed to succeed Philip Hampton as chairman effective Sept. 1.  Full Article

Royal Bank of Scotland Group plc announces sale of north american loan portfolio to Mizuho Financial Group Inc's Mizuho Bank Ltd
Thursday, 26 Feb 2015 02:05am EST 

Royal Bank of Scotland Group plc:Entered into a definitive agreement with Mizuho Bank Ltd, a wholly-owned subsidiary of the Mizuho Financial Group for the sale of a portfolio of US and Canadian loan commitments.As part of transaction, parties also continue to explore transfer of certain associated derivatives, and transition from Royal Bank of Scotland Group plc to Mizuho of certain coverage banking, debt capital markets, syndicate, and associated capabilities related to these commitments.Portfolio sold to Mizuho comprises $36.5 bln of loan commitments, including $3.2 bln of drawn assets, as of Dec. 31, 2014.Says cash consideration on that basis would be about $3 bln, generating a loss on disposal of $0.2 bln.Transaction is expected to complete before end of Q2.  Full Article

Royal Bank of Scotland Group PLC suspends another two staff in foreign exchange probe - Reuters
Wednesday, 25 Feb 2015 07:10am EST 

Royal Bank of Scotland Group PLC:Says another two employees had been suspended as part of an investigation by the bank into failings in its foreign exchange business - Reuters.RBS launched an internal review into its forex activities after it was one of six banks fined a combined $4.3 bln last month for failing to stop traders trying to manipulate currency markets.RBS has already suspended three employees who were among six placed in a disciplinary process.It also said it was reviewing the conduct of more than 50 current and former traders who were involved in the part of the investment bank that was the focus of the regulators' investigations.RBS paid $634 mln in fines to UK and U.S. authorities as part of the forex settlement, when authorities said traders had shared confidential information about client orders and coordinated trades to boost their own profits.  Full Article

Royal Bank of Scotland Group PLC declares dividend
Thursday, 19 Feb 2015 12:46pm EST 

Royal Bank of Scotland Group PLC:Declares dividends on Series F, Series H, Series L, Series M, Series N, Series P, Series Q, Series R, Series S and Series T non-cumulative preference shares of $0.01 for three months to March 31.Declares dividends of $0.478125, $0.453125, $0.359375, $0.40, $0.396875, $0.3906, $0.421875, $0.382825, $0.4125 and $0.453125 respectively.Declares dividend of $3,820 on series U non-cumulative preference shares of $0.01 for six months to March 31.Declares dividend of $45.59 on series 1 non-cumulative convertible preference shares of $0.01 for six months to March 31.Declares dividend on series 1 non-cumulative preference shares of 1.00 pound for the three months to March 31.All dividends are payable on March 31 at the undernoted rates to holders on register at close of business on March 16.  Full Article

RBS invites pitches for broker role ahead of privatisation - sources

LONDON, May 29 - Royal Bank of Scotland has invited investment banks to pitch for the role of corporate broker as the state-backed lender gears up for a full return to public hands, two sources familir with the matter told Reuters on Friday.

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