Royal Bank of Scotland Group Plc said its proposed ring-fencing scheme was sanctioned by the Court of Session in Scotland.
RBS Group plans to confirm the date of implementation of the proposed plan in early April. Under the strategy, the group plans to transfer certain personal and business banking as well as commercial banking businesses of Royal Bank of Scotland Plc to Adam & Co. Plc and National Westminster Bank Plc as part of its ring-fencing strategy.
When the scheme becomes effective, Adam & Co. will be renamed The Royal Bank of Scotland Plc, and RBS Plc will be renamed NatWest Markets Plc, the lender noted. NatWest Plc will become the issuer of RBS Plc's covered bond program.
During the second half of 2018, ownership of NatWest Holdings Ltd., the parent for the ring-fenced subgroup that includes NatWest and Adam & Co, will be transferred to RBS Group from RBS Plc. RBS Plc will transfer the authority to issue banknotes in Scotland to Adam & Co., effective from the date of implementation.
Earlier, NatWest Group Holdings Corp. and its units, including RBS Securities Inc., were transferred to RBS Plc from future ring-fenced entity NatWest.
NatWest Group Holdings will be outside the future ring-fenced sub-group, RBS Group said.