Key Developments: Royal Bank of Scotland Group PLC (RBS_pf.N)

RBS_pf.N on New York Stock Exchange

2 Oct 2015
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Latest Key Developments (Source: Significant Developments)

Big banks including Royal Bank of Scotland Group PLC in $1.865 bln swaps price-fixing settlement - Reuters
Thursday, 10 Sep 2015 08:00pm EDT 

Royal Bank of Scotland Group PLC:Twelve major banks have reached a $1.865 billion settlement to resolve investor claims that they conspired to fix prices and limit competition in the market for credit default swaps, a lawyer for the investors said on Friday - Reuters.The settlement in principle was disclosed at a hearing before U.S. District Judge Denise Cote in Manhattan - Reuters.The defendants include Bank of America Corp, Barclays Plc, BNP Paribas SA, Citigroup Inc, Credit Suisse Group AG, Deutsche Bank AG, Goldman Sachs Group Inc, HSBC Holdings Plc, JPMorgan Chase & Co, Morgan Stanley, Royal Bank of Scotland Group Plc and UBS AG - Reuters.Other defendants are the International Swaps and Derivatives Association (ISDA) and Markit Ltd, which provides credit derivative pricing services - Reuters.Credit default swaps are contracts that let investors buy protection to hedge against the risk that corporate or sovereign debt issuers will not meet their payment obligations - Reuters.The market peaked at $58 trillion in 2007, according to the Bank for International Settlements, but shrank to $16 trillion seven years later as investors better understood its risks - Reuters.Investors including the Los Angeles County Employees Retirement Association and Salix Capital US claimed that the defendants' activity caused them to pay unfair prices on CDS trades from late 2008 through the end of 2013, even though improved liquidity should have driven costs down - Reuters.  Full Article

Nomura Holdings Inc, Royal Bank of Scotland Group PLC liability in U.S. mortgage bond case upped to $839 mln - Reuters
Thursday, 3 Sep 2015 08:00pm EDT 

Royal Bank of Scotland Group PLC:Nomura Holdings Inc and Royal Bank of Scotland Group Plc have agreed to pay up to $33 million on top of $806 million that a U.S. judge ordered them to pay for making false statements in selling mortgage-backed securities - Reuters.The agreement with the Federal Housing Finance Agency was disclosed in court papers filed on Friday in Manhattan federal court and covers legal costs the regulator incurred taking the banks to trial earlier this year - Reuters.Following a non-jury trial, U.S. District Judge Denise Cote in Manhattan in May found Nomura, the securities' sponsor, and RBS, an underwriter on some of them, liable - Reuters.Cote awarded $806 million to the FHFA and also awarded the regulator its costs and attorneys fees, sums that Friday's agreement covers - Reuters.Under the agreement, the banks will pay $33 million if after an appeal they pay at least $413 million for state law violations asserted by the FHFA - Reuters.T was unclear how much of the $33 million reflected the FHFA's overall costs in litigating against Nomura - Reuters.The regulator had hired a private law firm, Quinn Emanuel Urquhart & Sullivan LLP, for the lawsuit - Reuters.  Full Article

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

RBS asks for banking licence for Williams & Glyn spin-off

LONDON, Oct 1 - Royal Bank of Scotland said it had submitted an application for a banking licence for Williams & Glyn, the lender it plans to spin off and float next year.

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