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
Women's specialty-clothing retailer J. Jill Inc. said it has launched an initial public offering of 11.67 million shares of its common stock. All shares are being sold by an existing stockholder and J. Jill will not receive any proceeds from the offering. Long queues at peak dining hours at Wendy's may be a history, as the company is planning to introduce automated self ordering kiosks at its more than 1000 retail locations by this year end. The automation will also help in cutting labor costs. Canadian music retail chain Sunrise Records said it plans to take over 70 retail spaces in Canada being vacated by HMV Canada, the industry's largest retailer. The new brick and mortar locations are in malls across Canada. However, Sunrise's expansion comes as people are increasingly shifting to streaming options for music and videos rather than buying tangible, touchable albums.
comments powered by Disqus
Follow RTT