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Royal Bank of Scotland Group PLC (RBS)

RBS on New York Consolidated

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20 Jan 2017
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Latest Key Developments (Source: Significant Developments)

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

RBS prices $2.65 bln of additional tier 1 capital notes
Thursday, 11 Aug 2016 02:00am EDT 

Royal Bank Of Scotland : Royal bank of scotland group plc successfully priced $2.65 billion additional tier 1 capital notes .Net proceeds of approximately usd 2,623,500,000 will be used for general corporate purposes..  Full Article

Royal Bank of Scotland posts wider H1 losses, scraps W&G carve-out plan
Friday, 5 Aug 2016 02:10am EDT 

Royal Bank Of Scotland : Net interest margin (nim) of 2.18% for h1 2016 was 4 basis points higher than h1 2015 . An operating loss of £695 million in q2 2016 compared with an operating profit of £224 million in q2 2015 and £421 million in q1 2016. . In march 2016 rbs made a £4.2 billion payment into royal bank of scotland group pension fund, being an accelerated payment of existing committed future contributions . Net lending in commercial banking increased by £7.9 billion in h1 2016, 17% growth on an annualised basis. . Rbs will instead prioritise exploring alternative means to achieve divestment. . Restructuring costs are expected to remain high in 2016, totalling over £1 billion. H1 2016 restructuring charge was £630 million, of which £345 million related to williams & glyn. . Capital resolution disposal losses of approximately £1.5 billion . We continue to deal with a range of uncertainties in external environment and we will also have to manage conduct-related investigations and litigation, including us rmbs, throughout 2016, and substantial related incremental provisions may be recognised during remainder of year . Impairment charge of £264 million in relation to shipping portfolio. . Adjusted return on equity across pbb, cpb and cib was 11% for both h1 2016 and q2 2016. Across pbb and cpb, net lending grew by 15% on an annualised basis in h1 2016..  Full Article

RBS sees 150 mln stg pretax gain from VocaLink sale
Thursday, 21 Jul 2016 08:15am EDT 

Royal Bank Of Scotland Group Plc :RBS expects to report an initial pre-tax gain of approximately 150 mln stg on completion of VocaLink deal.  Full Article

Royal Bank of Scotland names Frank Dangeard as non-exec director
Monday, 16 May 2016 05:00am EDT 

Royal Bank Of Scotland Group Plc :Announces today that Frank Dangeard has been appointed as a non-executive director of RBS with immediate effect..  Full Article

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RBS sells $600 million of shipping loans, Orix among buyers: sources

LONDON/TOKYO Royal Bank of Scotland has concluded agreements to sell at least $600 million worth of shipping loans from its portfolio as part of efforts to exit the sector, sources with direct knowledge of the deal told Reuters on Friday.