logo
Share SHARE
FONT-SIZE Plus   Neg

RBS Updates On Transfer Of Dutch Interest To Parent

The Royal Bank of Scotland Group plc (RBS,RBS.L) Friday reported issuing two lists of securities that may be issued by RBS plc following their transfer from its Dutch business RBS NV. While one list deals exclusively with Structured Retail Products, the company elaborated, the second enumerates other Fixed Income Securities.

RBS NV also expects to include information in offer or issue documents with any future issue of these securities. Further, it is anticipated that three series of Trust Preferred Securities issued by RBS NV Capital Funding Trusts, as well as other lower tier 2 securities, will be retained by RBS NV so as to maintain its regulatory capital position.

The transfer of businesses involves a Dutch Scheme which sees the demerger of RBS II BV, a banking company created to facilitate the transfer, from RBS NV, and its subsequent merger with RBS plc. As originally announced on April 19, 2011, the targeted completion date for the transfers is December 31, 2013, with "a large part", along with the transfer of certain securities, due to complete by year-end 2012.

RBS.L is currently trading up by 0.86 percent, or 0.24 pence, at 28.14 pence on the London Stock Exchange.

RBS closed Thursday's trading at $8.85 on the NYSE.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
The month of May saw the FDA greenlight 5 new drugs, including 1 new molecular entity, and surprisingly turn down 1 drug candidate, whose approval was considered a no-brainer by some experts. Lab equipment maker Thermo Fisher Scientific Inc. has agreed to acquire electron microscope maker FEI Co. for about $4.2 billion in cash, the two companies said Friday. Thermo Fisher noted that FEI's electron microscopy platform will complement its own mass spectrometry systems to accelerate advancements in structural biology. While reporting a wider loss for the first quarter, Sears Holdings Corp. said it has decided to "aggressively evaluate" all potential alternatives for its top brands - Kenmore, Craftsman and DieHard or KCD, and the Sears Home Services or SHS businesses. Sears has retained Citigroup Global Markets and LionTree Advisors to assist in its efforts.
comments powered by Disqus
Follow RTT