Redemption-US B&C-Replace

Royal Bank of Scotland Group PLC
30 December 2002

The following replaces the 'Redemption - US Pref B & C' announcement released on
30 December 2002 at 10.54hrs under RNS 6308F. Additional contact details have
been added. All other details remain unchanged.

REDEMPTION OF NON-CUMULATIVE US DOLLAR PREFERENCE SHARES

London/New York - December 30, 2001 - The Royal Bank of Scotland Group plc gives
notice that it will redeem on January 30, 2003 all the non-cumulative US dollar
preference shares Series B (NYSE: RBSPRB) and Series C (NYSE: RBSPRC) listed in
American Depositary Receipt ('ADR') form.

The redemption details, are shown below:

US dollar                Redemption amount per     Accrued dividends per  Coupon
non-cumulative           share (US$)               share (US$)
preference shares

Series B                 25.00                     0.21                    11.2%

Series C                 25.00                     0.178125                 9.5%

The aggregate value of each non-cumulative preference share series, all of which
are being redeemed on January 30, 2003, is as follows:

US dollar                Aggregate value (US$)
non-cumulative
preference shares

Series B                 200,000,000

Series C                 400,000,000

    Total                600,000,000


A notice of redemption is being sent to the holders of the ADRs representing
Series B and Series C non-cumulative dollar preference shares by The Bank of New
York, the ADS depositary and paying agent.

Depositary and Paying Agent

By Mail:                                           By Hand or Overnight Courier

The Bank of New York                               The Bank of New York
Tender & Exchange-11 West                          Tender & Exchange-11 West
P.O. Box 11248                                     101 Barclay Street
Church Street Station                              Receive & Deliver Window
New York, New York 10286-1248                      New York, New York 10286

For Information Telephone: [phone]

The Royal Bank of Scotland Group plc;

For further information please contact:

Ron Huggett
Capital Raising Director
280 Bishopsgate
London
EC2M 4RB

Tel: [phone]


                      This information is provided by RNS
            The company news service from the London Stock Exchange