AGM Statement

Royal Bank of Scotland Group PLC
28 April 2003

The Royal Bank of Scotland Group plc ('the Group') today holds it Annual General
Meeting, at 2.00 p.m., at the International Conference Centre, The Exchange,
Morrison Street, Edinburgh



AGM Agenda

The meeting will deal with the proposed Resolutions as outlined in the Notice of
Meeting issued to Shareholders dated 19 February 2003, and will provide a
summary of the business and financial performance of the Group in 2002.

The following is an extract from the speech to be made by Sir George Mathewson,
Chairman, at the Meeting.

'I am pleased to report that, over the last year, we have completed all aspects
of the integration of NatWest, which we acquired in March 2000. This was a
landmark achievement and involved a huge amount of work by a huge number of
people, over two and half years.

'In October last year, we announced the completion of IT integration, which
involved the conversion of NatWest systems and data on to the RBS platform. This
involved 14 million customer accounts being transferred, by up to 3,000 IT
staff, working 7,000 man years. We are not aware of the successful completion of
any other IT integration of similar scale and complexity.

'We have implemented the full amounts of the higher transaction benefits. These
benefits will amount to £2,030 million of additional profit for our shareholders
each year. However, our success over recent years has not been entirely
dependent on the NatWest transaction benefits.

'Over the last three years, we have increased the income of the enlarged Group
by 52 per cent, or £5,750 million.

'Part of our increase in income came from the NatWest transaction benefits and
part from acquisitions. But, importantly, 70 per cent of the increase in income
came from organic growth across our businesses.

'There is strong evidence that our strategies are enabling us to meet our goal
of delivering value for our shareholders, our customers and our people. Our
success has been recognised in a number of different ways. I am delighted that
we have just received, for the first time, a Queen's Award for Enterprise, and
we are the largest company ever to have received this Award. This recognises the
Group's overseas earnings, coming primarily from the United States and Europe.
We have also been voted the third most admired bank in the World, in Fortune
Magazine.

'At previous meetings, we have mentioned our strength, diversity and
flexibility. These are real qualities, evident across the Royal Bank Group. They
give us confidence that we shall be able to continue to deliver on our promises
to shareholders, and provide customers with improved service, with well rewarded
and highly motivated staff, while allowing us to make a major contribution to
the communities in which we operate.

'It is my firm belief that these qualities, our strategies and the opportunities
that are now open to us, enable us to provide superior returns to shareholders
now, and will in the future. In the current year, the performance of the Group
remains on track and our businesses continue to perform well.'



Further Updates

The Group's interim results will be announced on Thursday, 5 August 2003 and
will provide a formal update of financial trading performance in the six month
period to 30 June 2003.


Contacts
Howard Moody            Group Director, Communications             0131 523 2056
Anthony Frost           Head of Group Media Relations              0131 523 4414
Carolyn McAdam          Head of Group Communications               0131 523 2055



Forward Looking Statements

This announcement contains forward looking statements, including such statements
within the meaning of Section 27A of the US Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. These statements concern or may
affect future matters, such as the Group's future economic results, business
plans and strategies, and are based upon the current expectations of the
directors. They are subject to a number of risks and uncertainties that might
cause actual results and events to differ materially from the expectations
expressed in the forward looking statements. Factors that could cause or
contribute to differences in current expectations include, but are not limited
to, regulatory developments, competitive conditions, technological developments
and general economic conditions. The Group assumes no responsibility to update
any of the forward looking statements contained in this announcement.





28 April 2003




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