Completion of ABN AMRO Legal

RNS Number : 8065G

Royal Bank of Scotland Group PLC

08 February 2010

 



London, 8 February 2010

RBS announces completion of ABN AMRO legal demerger in the Netherlands

On 6 February 2010, the businesses of ABN AMRO acquired by Dutch State were legally demerged from the RBS acquired businesses. As a result, there are now two separate banks within ABN AMRO Holding N.V., The Royal Bank of Scotland N.V. ('RBS N.V.') and the new entity named ABN AMRO Bank N.V., each licensed separately by the Dutch Central Bank. Both banks will be governed by the current managing and supervisory boards of ABN AMRO Holding N.V. until the legal separation of the new ABN AMRO Bank N.V. from ABN AMRO Holding N.V.

The legal separation involves the transfer of the new ABN AMRO Bank N.V. to a holding company that has been established by the Dutch State. This transfer is expected to take place within two months of the legal demerger and is subject to approval by the Dutch Central Bank. The new ABN AMRO Bank N.V. will then become an independent bankwith new managing and supervisory boards, operating under Dutch Central Bank supervision and unrelated to the RBS Group. Further details on the legal demerger are provided in a press release issued by The Royal Bank of Scotland N.V. and ABN AMRO Bank N.V. and available on www.abnamro.com and www.rbs.com.

The debt instruments issued by ABN AMRO Bank N.V. that were economically allocated to the RBS acquired businesses remain legal obligations of the RBS N.V. A list of these debt instruments is provided in the Appendix.

The legal demerger and the global renaming to The Royal Bank of Scotland N.V. are significant milestones for the integration of the businesses and assets acquired by RBS. At legal separation, new managing and supervisory boards will be appointed for RBS N.V., which will operate under Dutch Central Bank supervision.

For more information, please contact:

RBS Group Investor Relations [e-mail] [phone] RBS Group Media Relations [phone]

APPENDIX

The debt instruments issued by ABN AMRO/ABN AMRO Bank N.V. that were economically allocated to RBS acquired businesses remain legal obligations of RBS N.V. A list of these debt instruments is provided below:

Lower Tier 2	Coupon	Type of instrument	ISIN
EUR1,500m	Floating	Bermudan callable subordinated lower tier 2 notes 2015 (callable June 2010)	XS0221082125
EUR800m	6.25%	Subordinated notes 2010	NL0000118024
EUR250m	4.70%	CMS linked subordinated notes 2019	NL0000122505
EUR170m	Floating	Sinkable subordinated notes 2041	XS0123050956
EUR100m	5.125%	Flip flop Bermudan callable subordinated notes 2017(callable December 2012)	XS0159771327
EUR26m	7.42%	Subordinated notes 2016	XS0067935253
EUR15m	Floating	CMS linked floating rate subordinated lower tier 2 notes 2020	XS0214553348
EUR13m		Zero coupon subordinated notes 2029 (callable June 2009)	XS0098392755
EUR7m	7.38%	Subordinated notes 2016	XS0067976364
EUR5m	Floating	Bermudan callable subordinated lower tier 2 notes 2015 (callable October 2010)	XS0233906808
GBP42m	Floating	Amortising MTN subordinated lower tier 2 notes 2010	XS0072183204
GBP25m	Floating	Amortising MTN subordinated lower tier 2 notes 2011	XS0073571761
AUD575m	6.50%	Bermudan callable subordinated lower tier 2 notes 2018 (callable May 2013)	AU0000ABOHG2
AUD175m	Floating	Bermudan callable subordinated lower tier 2 notes 2018 (callable May 2013)	AU0000ABOHH0
USD1,500m	Floating	Bermudan callable subordinated notes 2015 (callable March 2010)	XS0213858243
USD500m	4.65%	Subordinated notes 2018	USN02627AR30
USD165m	6.14%	Subordinated notes 2019	XS0088804504
USD150m	7.13%	Subordinated notes 2093	US00077TAB08
USD72m	5.98%	Subordinated notes 2019	XS0093450608
PKR800m	Floating	Subordinated 2012
MYR200m	Floating	Subordinated notes 2017	EG5294632
TRY60m	Floating	Callable subordinated notes 2017 (callable 2012)
Tier 1	Coupon	Type of instrument	ISIN
USD1,285m	5.90%	Trust Preferred V	US74928K2087
USD200m	6.25%	Trust Preferred VI	US74928M2044
USD1,800m	6.08%	Trust Preferred VII	US74928P2074

In addition all senior unsecured debt will remain with RBS N.V. as well as the LaunchPad Programmes, Limited Recourse Notes and the notes issued under the MTN Programme.

The USD 250 million 7.75% subordinated lower tier 2 notes 2023 (ISIN US00077TAA25), while economically allocated to the Dutch State acquired businesses, will remain a legal obligation of RBS N.V. until their intended transfer in the second quarter of 2010 to the new ABN AMRO Bank N.V. These notes can not be transferred to the new ABN AMRO Bank N.V. as part of the Dutch legal demerger process, because they are governed by US law.

 

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