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Royal Bank of Scotland Group PLC (RBS_pf.N)

RBS_pf.N on New York Stock Exchange

9 Dec 2016
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Latest Key Developments (Source: Significant Developments)

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

Royal Bank of Scotland Group PLC -UK watchdog asks banks to check for ties to Panama Papers - Reuters News
Thursday, 7 Apr 2016 06:24am EDT 

Royal Bank of Scotland Group PLC:Britain's Financial Conduct Authority has asked 20 banks and other financial firms to check if they have any ties to Panama law firm Mossack Fonseca, the regulator said on Thursday. - RTRS.A massive leak of documents from the firm released this week detailed how the world's rich skipped through loopholes to park cash in low-tax jurisdictions.Recipients of the letter have been given until April 15 to respond to the disclosure request. More than 500 banks, their subsidiaries and branches registered nearly 15,600 shell companies with Mossack Fonseca, according to the International Consortium of Investigative Journalists (ICIJ).HSBC, and its affiliates created more than 2,300 in total, the ICIJ says.HSBC has dismissed suggestions it actively used offshore structures to help clients cheat on their taxes.The bank has said the documents from Panama pre-dated a thorough reform of its business model.Spokespeople for HSBC and Barclays BARC.L declined to comment on the FCA correspondence. RBS and Standard Chartered both said they were reviewing their operations and co-operating fully with regulators on the issue.News of the FCA's letter follows calls from Conservative lawmaker and chairman of Britain's Treasury Select Committee, Andrew Tyrie, for a thorough investigation of the trove and prosecutions "wherever possible".  Full Article

Royal Bank of Scotland Group PLC to cut almost 450 investment banking jobs in UK RBS.L - theguardian
Thursday, 17 Mar 2016 11:18am EDT 

Royal Bank of Scotland Group PLC:Royal Bank of Scotland is cutting 448 investment banking jobs in the UK, moving two-thirds of them to India - theguardian.The bank, 73% of which is owned by the taxpayer, said it would cut back- and middle-office roles in its investment bank, including a small number of technology jobs.Under its chief executive, Ross McEwan, RBS has been shrinking the division to focus on its personal and small business operations in the UK and Ireland.About 300 jobs will go offshore, to an existing RBS operation based in Gurgaon, near Delhi, and Chennai in southern India.London and Newcastle-under-Lyme will bear the brunt of the cuts, along with Manchester. The layoffs will happen by the end of next year.The move comes just days after RBS announced it would lay off 550 investment advisers , replacing them with an automated system that will offer advice based on customers responses to a series of questions.The bank, which was bailed out during the financial crisis, reported a £2bn loss for 2015, its eighth annual loss in a row.  Full Article


RBS ordered to hand over documents in shareholder cash call case

LONDON Royal Bank of Scotland on Thursday lost a court battle to withhold transcripts, notes and interview records from thousands of retail investors suing the bank over an ill-fated, 12 billion pound ($15 billion) share sale in 2008.