Placing Details

Royal Bank of Scotland Group PLC
18 July 2001


The Royal Bank of Scotland Group plc

Wednesday 18 July 2001

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN, OR INTO, CANADA OR JAPAN

The Royal Bank of Scotland Group plc ('Royal Bank Group')

PLACING OF NEW ORDINARY SHARES BY ROYAL BANK GROUP SUCCESSFULLY COMPLETED

OFFER PRICE SET AT 1475 PENCE PER NEW ORDINARY SHARE



Further to the announcement made yesterday regarding the placing of New
Ordinary Shares in Royal Bank Group to finance the acquisition of the retail,
small business and certain commercial banking businesses of Mellon Financial
Corporation, the placing price and the size of the issue have now been
determined following the completion of the bookbuilding process.

Royal Bank Group confirms that 140 million New Ordinary Shares have been
placed at 1475 pence per New Ordinary Share. Based on this price, £2.065
billion has been raised. The New Ordinary Shares being issued represent
approximately 5.2 per cent. of Royal Bank Group's issued share capital prior
to the placing.

Application has been made for, and the placing is conditional on, admission of
the New Ordinary Shares to listing on the Official List of the UK Listing
Authority and to trading on the London Stock Exchange prior to 25 July 2001.
It is expected that admission will become effective on Monday 23 July 2001.



Fred Goodwin, Group Chief Executive, said 'We are very pleased to have
received shareholder support for the Mellon transaction and that they share
our view as to its likely contribution to the Group.'



Enquiries:

The Royal Bank of Scotland Group plc

Fred Goodwin, Group Chief Executive [phone]

Fred Watt, Group Finance Director [phone]





This announcement has been issued by and is the sole responsibility of the
Company. UBS Warburg and Merrill Lynch are each acting for the Company and no
one else in relation to the placing and will not be responsible to anyone
other than the Company for providing the protections afforded to their
customers nor for providing advice in relation to the placing.

This announcement does not constitute an offer of securities for sale in the
United States or elsewhere. The New Ordinary Shares have not been and will not
be registered under the United States Securities Act of 1933, as amended, and
may not be offered or sold in the United States unless they are registered
with the US Securities and Exchange Commission or pursuant to an exemption
from the registration requirements of the Securities Act.