Completion of ABN AMRO Legal
London, 8 February 2010
RBS announces completion of ABN AMRO legal demerger in the Netherlands
On 6 February 2010, the businesses of ABN AMRO acquired by Dutch State were legally demerged from the RBS acquired businesses. As a result, there are now two separate banks within ABN AMRO Holding N.V., The Royal Bank of Scotland N.V. ('RBS N.V.') and the new entity named ABN AMRO Bank N.V., each licensed separately by the Dutch Central Bank. Both banks will be governed by the current managing and supervisory boards of ABN AMRO Holding N.V. until the legal separation of the new ABN AMRO Bank N.V. from ABN AMRO Holding N.V.
The legal separation involves the transfer of the new ABN AMRO Bank N.V. to a holding company that has been established by the Dutch State. This transfer is expected to take place within two months of the legal demerger and is subject to approval by the Dutch Central Bank. The new ABN AMRO Bank N.V. will then become an independent bankwith new managing and supervisory boards, operating under Dutch Central Bank supervision and unrelated to the RBS Group. Further details on the legal demerger are provided in a press release issued by The Royal Bank of Scotland N.V. and ABN AMRO Bank N.V. and available on www.abnamro.com and www.rbs.com.
The debt instruments issued by ABN AMRO Bank N.V. that were economically allocated to the RBS acquired businesses remain legal obligations of the RBS N.V. A list of these debt instruments is provided in the Appendix.
The legal demerger and the global renaming to The Royal Bank of Scotland N.V. are significant milestones for the integration of the businesses and assets acquired by RBS. At legal separation, new managing and supervisory boards will be appointed for RBS N.V., which will operate under Dutch Central Bank supervision.
For more information, please contact:
|
RBS Group Investor Relations Investor.relations@rbs.com +44 207 672 1758
RBS Group Media Relations +44 131 523 4414 |
APPENDIX
The debt instruments issued by ABN AMRO/ABN AMRO Bank N.V. that were economically allocated to RBS acquired businesses remain legal obligations of RBS N.V. A list of these debt instruments is provided below:
|
Lower Tier 2 |
Coupon |
Type of instrument |
ISIN |
|
EUR1,500m |
Floating |
Bermudan callable subordinated lower tier 2 notes 2015 (callable June 2010) |
XS0221082125 |
|
EUR800m |
6.25% |
Subordinated notes 2010 |
NL0000118024 |
|
EUR250m |
4.70% |
CMS linked subordinated notes 2019 |
NL0000122505 |
|
EUR170m |
Floating |
Sinkable subordinated notes 2041 |
XS0123050956 |
|
EUR100m |
5.125% |
Flip flop Bermudan callable subordinated notes 2017(callable December 2012) |
XS0159771327 |
|
EUR26m |
7.42% |
Subordinated notes 2016 |
XS0067935253 |
|
EUR15m |
Floating |
CMS linked floating rate subordinated lower tier 2 notes 2020 |
XS0214553348 |
|
EUR13m |
|
Zero coupon subordinated notes 2029 (callable June 2009) |
XS0098392755 |
|
EUR7m |
7.38% |
Subordinated notes 2016 |
XS0067976364 |
|
EUR5m |
Floating |
Bermudan callable subordinated lower tier 2 notes 2015 (callable October 2010) |
XS0233906808 |
|
GBP42m |
Floating |
Amortising MTN subordinated lower tier 2 notes 2010 |
XS0072183204 |
|
GBP25m |
Floating |
Amortising MTN subordinated lower tier 2 notes 2011 |
XS0073571761 |
|
AUD575m |
6.50% |
Bermudan callable subordinated lower tier 2 notes 2018 (callable May 2013) |
AU0000ABOHG2 |
|
AUD175m |
Floating |
Bermudan callable subordinated lower tier 2 notes 2018 (callable May 2013) |
AU0000ABOHH0 |
|
USD1,500m |
Floating |
Bermudan callable subordinated notes 2015 (callable March 2010) |
XS0213858243 |
|
USD500m |
4.65% |
Subordinated notes 2018 |
USN02627AR30 |
|
USD165m |
6.14% |
Subordinated notes 2019 |
XS0088804504 |
|
USD150m |
7.13% |
Subordinated notes 2093 |
US00077TAB08 |
|
USD72m |
5.98% |
Subordinated notes 2019 |
XS0093450608 |
|
PKR800m |
Floating |
Subordinated 2012 |
|
|
MYR200m |
Floating |
Subordinated notes 2017 |
EG5294632 |
|
TRY60m |
Floating |
Callable subordinated notes 2017 (callable 2012) |
|
|
Tier 1 |
Coupon |
Type of instrument |
ISIN |
|
USD1,285m |
5.90% |
Trust Preferred V |
US74928K2087 |
|
USD200m |
6.25% |
Trust Preferred VI |
US74928M2044 |
|
USD1,800m |
6.08% |
Trust Preferred VII |
US74928P2074 |
In addition all senior unsecured debt will remain with RBS N.V. as well as the LaunchPad Programmes, Limited Recourse Notes and the notes issued under the MTN Programme.
The USD 250 million 7.75% subordinated lower tier 2 notes 2023 (ISIN US00077TAA25), while economically allocated to the Dutch State acquired businesses, will remain a legal obligation of RBS N.V. until their intended transfer in the second quarter of 2010 to the new ABN AMRO Bank N.V. These notes can not be transferred to the new ABN AMRO Bank N.V. as part of the Dutch legal demerger process, because they are governed by US law.
This information is provided by RNS
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