Management Changes

Royal Bank of Scotland Group PLC
18 December 2001

The Royal Bank of Scotland Group has today announced that Andrew Fisher, chief
executive of Coutts Group, has resigned and is to leave on 28 February 2002 to
work with The Carlyle Group, a leading private equity company. Andrew will be
focusing on wealth management.

Gordon Pell, executive director and chairman, retail banking and wealth
management will take over as chief executive of Coutts in addition to his
existing responsibilities.

Commenting on the announcement, Gordon Pell said, 'Andrew has done an
outstanding job and we are extremely sorry that he has decided to leave but we
wish him well in his new venture. He leaves Coutts in very good shape and
exceptionally well positioned to exploit opportunities in the market place.'

ENDS

For Further Information Contact

Julie Cooper, Coutts - 0207 753 1774

Carolyn McAdam, RBSG - 0131 523 2055

Notes to Editors

 1. Coutts & Co is the UK private banking arm of the Coutts Group, an
    international private banking group owned by The Royal Bank of Scotland
    Group.
 2. The Coutts Group manages the wealth of 70,000 high net worth clients from a
    network of 23 offices in the UK and 15 internationally.
 3. The Coutts Group is one of the largest fund of hedge fund managers in
    Europe.
 4. Coutts offers clients a range of products and services covering
    sophisticated investment products together with expertise in trust and
    fiduciary services and UK tax and banking services.
 5. Coutts & Co was the first UK private bank to introduce an internet banking
    service.
 6. Coutts & Co is regulated by the FSA, Registered in England No 36695.
    Registered Office: 440 Strand, London, WC2R 0QS