Statement re Capital Raising

Royal Bank of Scotland Group PLC
20 November 2002

The Royal Bank of Scotland Group plc

20th November 2002

THE ROYAL BANK OF SCOTLAND GROUP PLC PLANS TO ISSUE NON-CUMULATIVE TRUST
PREFERRED SECURITIES

The Royal Bank of Scotland Group plc ('RBS') intends to issue Non-Cumulative
Trust Preferred Securities ('the Securities') denominated in US Dollars through
RBS Capital Trust B.

Application has been made to list the Securities on the Luxembourg Stock
Exchange. It is expected the Securities will qualify as Tier One Capital of RBS.
It is intended that the net proceeds of the offering will be used for general
corporate purposes and to strengthen the capital base of RBS.

RBS is being advised in connection with the issue by Merrill Lynch
International, Goldman Sachs International, UBS Warburg and The Royal Bank of
Scotland.



The Securities have not nor will be registered under the United States
Securities Act of 1933, as amended (The 'Securities Act'), or under any state
securities laws and may not be offered, sold or delivered in the United States,
or to or for the account or benefit of US persons (as defined under Regulation S
under The Securities Act) unless registered under The Securities Act or an
exemption from the registration requirements of The Securities Act is available.
The Securities are being offered and sold only to certain persons in
transactions outside the United States in compliance with Regulation S under The
Securities Act.

Stabilisation FSA


For further information, please contact:

The Royal Bank of Scotland Group plc;

Fred Watt                                               Ron Huggett
Group Finance Director                                  Capital Raising Director
42 St Andrew Square                                     Drapers Gardens
Edinburgh                                               12 Throgmorton Avenue
EH2 2YE                                                 London
Tel: [phone]                                      EC1N 2TH
                                                        Tel: [phone]




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