Capital Raising

Royal Bank of Scotland Group PLC
22 November 2000



THE ROYAL BANK OF SCOTLAND GROUP plc COMPLETES THE ISSUE OF

400,000 perpetual non-call 5 year dollar preference shares
of US$1,000 each, to be designated 'Series 3'

The Royal Bank of Scotland Group plc has completed the issue
of 400,000 Series 3 dollar preference shares of nominal
value US$0.01, at an issue price of US$1,000 per share. The
proceeds of the issue of the Series 3 dollar preference
shares, after deducting underwriting commissions, amount to
US$396,400,000. The Series 3 dollar preference shares have
not been listed.


The Royal Bank of Scotland Group plc

For further information, please contact:-

Fred Watt
Group Finance Director
42 St. Andrew Square
Edinburgh
EH2 2YE
Tel: [phone]

Ron Huggett
Capital Raising Director
Waterhouse Square
138-142 Holborn
London
EC1N 2TH
Tel: [phone]