Director Shareholding

Royal Bank of Scotland Group PLC
29 January 2002


                                  SCHEDULE 11

          NOTIFICATION OF INTERESTS OF DIRECTORS AND CONNECTED PERSONS


        1) Name of company

        The Royal Bank of Scotland Group plc

        2) Name of director

        Norman Cardie McLuskie

        3) Please state whether notification indicates that it is in respect of
        holding of the shareholder named in 2 above or in respect of a non-
        beneficial interest or in the case of an individual holder if it is a
        holding of that person's spouse or children under the age of 18 or in
        respect of a non-beneficial interest

        Spouse - Mrs A McLuskie


        4) Name of the registered holder(s) and, if more than one holder, the
        number of shares held by each of them (if notified)

        Adam & Company Nominees Limited

        5) Please state whether notification relates to a person(s) connected
        with the Director named in 2 above and identify the connected
        person(s)

        Spouse - Mrs A McLuskie

        6) Please state the nature of the transaction. For PEP transactions
        please indicate whether general/single co PEP and if discretionary/non
        discretionary

        Shares issued in lieu of a cash dividend for the interim dividend for
        the year ending 31 December 2001.


        7) Number of shares/amount of stock acquired

        77

        8) Percentage of issued class

        -

        9) Number of shares/amount of stock disposed

        -

        10) Percentage of issued class

        -

        11) Class of security

        Ordinary Shares of 25p each


        12) Price per share

        £17.592

        13) Date of transaction

        12 October 2001

        14) Date company informed

        28 January 2002

        15) Total holding following this notification

        145,290

        16) Total percentage holding of issued class following this notification

        -

        If a director has been granted options by the company please complete
        the following boxes

        17) Date of grant

        -

        18) Period during which or date on which exercisable

        -

        19) Total amount paid (if any) for grant of the option

        -

        20) Description of shares or debentures involved: class, number

        -

        21) Exercise price (if fixed at time of grant) or indication that price
        is to be fixed at time of exercise

        -

        22) Total number of shares or debentures over which options held
        following this notification

        -

        23) Any additional information


        24) Name of contact and telephone number for queries

        Hew Campbell, Head of Group Secretariat

        0131 523 4711

        25) Name and signature of authorised company official responsible for
        making this notification

        Hew Campbell, Head of Group Secretariat

        Date of Notification

        29 January 2002




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