Update on NatWest Markets transfer scheme

RNS Number : 8982Q
Royal Bank of Scotland Group PLC
22 February 2019
 

The Royal Bank of Scotland Group

22nd February 2019

The Royal Bank of Scotland Group plc - update on NatWest Markets transfer scheme

In anticipation of the UK's departure from the European Union on 29 March 2019, The Royal Bank of Scotland Group plc (together with its subsidiaries, "RBS Group") has been making its Dutch subsidiary, NatWest Markets N.V., operationally ready to serve NatWest Markets Plc customers who are incorporated or located in the European Economic Area ("EEA"). NatWest Markets N.V. is currently a subsidiary of The Royal Bank of Scotland Group plc and, subject to approvals, is expected to transfer to become a subsidiary of NatWest Markets Plc during 2019.

Following the announcement on 6 December 2018 by the RBS Group, the Court of Session in Scotland has now approved the RBS Group's petition for an order under Part VII of the Financial Services and Markets Act 2000 for the replication of master trade documentation for non-UK EEA customers and the transfer of certain existing transactions of EEA customers from NatWest Markets Plc to NatWest Markets N.V. (the "Scheme").  The effective dates of the Scheme will now be as follows:

(i) 22 March 2019 - for Phase 1 of the Scheme, where master documentation with NatWest Markets Plc will be replicated with NatWest Markets N.V.; and

(ii) a date between 23 March and 31 December 2019 - for Phase 2 of the Scheme, which will transfer certain existing transactions for some EEA customers (as at the Phase 2 Effective Date) from NatWest Markets Plc to NatWest Markets N.V. The flexibility of Phase 2 is designed to take advantage of any transitional period or other possible outcomes of the Brexit negotiations. NatWest Markets Plc and NatWest Markets N.V. will provide non-UK EEA customers with ten business days' notice of the relevant Phase 2 Effective Date. The effective time(s) for Phase 2 of the Scheme will also be announced on natwestmarkets.com/brexit.

General information on the Brexit plan for NatWest Markets is available at natwestmarkets.com/brexit.

 

 

For Further Information Contact:

 

RBSG Investor Relations:

 

Alexander Holcroft

Head of Investor Relations

+44 (0) 20 7672 1758

 

Richard Coombs

Head of NatWest Markets Investor Relations

+44 (0) 20 7678 1768

 

RBSG Media Relations:

+44 (0) 13 1523 4205

 

Forward Looking Statements

 

This announcement contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including those related to RBS and its subsidiaries' regulatory capital position, and requirements, financial position, future pension funding requirements, on-going litigation and regulatory investigations, profitability, risk-weighted assets, impairment losses and credit exposures under certain specified scenarios. In addition, forward-looking statements may include, without limitation, statements typically containing words such as "intends", "expects", "anticipates", "targets", "plans", "believes", "risk", "estimates" and words of similar import. These statements concern or may affect future matters, such as RBS's future economic results, business and capital plans and current strategies. Forward-looking statements are subject to a number of risks and uncertainties that might cause actual results and performance to differ materially from any expected future results or performance expressed or implied by the forward-looking statements. Factors that could cause or contribute to differences in current expectations include, but are not limited to, legislative, fiscal and regulatory developments, accounting standards, competitive conditions, technological developments, exchange rate fluctuations and general economic conditions. These and other factors, risks and uncertainties that may impact any forward-looking statement or RBS's actual results are discussed in RBS's UK annual report and accounts and interim reports and materials filed with, or furnished to, the US Securities and Exchange Commission, including, but not limited to, RBS's Reports on Form 6-K and most recent Annual Report on Form 20-F. The forward looking statements contained in this announcement speak only as of the date of this announcement and RBS does not assume or undertake any obligation or responsibility to update any of the forward-looking statements contained in this announcement, whether as a result of new information, future events or otherwise, except to the extent legally required.

 

 

Legal Entity Identifier

 

The Royal Bank of Scotland Group plc 2138005O9XJIJN4JPN90

NatWest Markets Plc RR3QWICWWIPCS8A4S074

NatWest Markets N.V. X3CZP3CK64YBHON1LE12

 


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