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RBS sets implementation date for 2nd ring-fencing transfer scheme


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RBS sets implementation date for 2nd ring-fencing transfer scheme

Royal Bank of Scotland Group PLC said its second ring-fencing transfer scheme is expected to take effect Aug. 13 at the earliest if the Court of Session in Scotland approves the scheme in a hearing due to be held July 31.

Under the second scheme, National Westminster Bank PLC's customer interest rate and foreign exchange derivatives business will be moved to NatWest Markets PLC. RBS asked the court May 11 to approve the second scheme and the first hearing on the matter was held May 15.

The first scheme, which took effect April 30, entailed the transfer of certain personal and business banking as well as commercial banking businesses of the former Royal Bank of Scotland PLC to Adam & Co. PLC and NatWest Bank. Following that, Adam & Co. was renamed the new Royal Bank of Scotland, while the former Royal Bank of Scotland was renamed NatWest Markets.

The second scheme may take effect at a later date that NatWest Bank and NatWest Markets may agree with the U.K. Prudential Regulation Authority and Financial Conduct Authority.