Statement re Notes Offer

Royal Bank of Scotland Group PLC
26 September 2002


THE ROYAL BANK OF SCOTLAND GROUP PLC COMPLETES US$750MN ISSUE OF DATED
SUBORDINATED FIXED RATE NOTES

The Royal Bank of Scotland Group plc ('the Group') has completed the issue of
US$(1)750 million dated subordinated fixed rate notes ('Notes'), with a
semi-annual coupon of 5.00%, issued at 99.617%. Proceeds from the issue of the
Notes, after deducting underwriting commission, amount to US$743,377,500.
Application will be made for the Notes to be listed on the Luxembourg Stock
Exchange.


No application has been or will be made to list the Notes in the UK and the
Notes are not being offered or sold to the public in the UK.


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]                                EC2N 2DL


                                                      Tel: [phone]
Banc of America Securities

Len Harwood

Managing Director

Bank of America House

1 Alie Street

London

E1 8DE

Tel: [phone]

Schroder Goldman Sachs & Co.

Shazia Azim

Executive Director

120 Fleet Street

River Court

London

EC4A 2HS

Tel: [phone]

JPMorgan

David Sismey

Vice President

125 London Wall

London

EC2Y 5AJ

Tel: [phone]




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