Update on Retail & Commercial

RNS Number : 9856X

Royal Bank of Scotland Group PLC

15 December 2010

 

Royal Bank of Scotland Group - Update on Retail & Commercial business in China

The Royal Bank of Scotland Group plc (RBS) announces that it has entered into an agreement with DBS Group Holdings (DBS) to transfer certain staff and customers of its Retail and Commercial business in China (R&C business) to DBS. This transfer marks further progress in the execution of the asset reduction element of RBS's strategic plan announced in February 2009.

RBS remains strongly committed to the long term development of its business in China, through its Global Banking Markets (GBM) and Global Transaction Services (GTS) businesses. It has built multiple banking and non-banking business platforms in the country, enhancing its ability to provide comprehensive wholesale banking products and services to its clients in China. These include strategic joint ventures with Suzhou Trust and with Galaxy Futures. RBS also recently received preliminary approval for setting up a joint venture with Guolian Securities Co. making it the first UK bank to be granted a securities JV licence in China.

The transfer of Retail and Commercial staff and customers will be subject to their consent and, in the case of customers, the satisfactory completion of required compliance procedures. The customers transferring have deposit accounts or structured deposit contracts with the R&C business: they do not have any loans with the R&C business. The deposit balances (and associated gross assets) of these customers are not material to RBS.

Contacts

Richard O'Connor

Investor Relations

[phone]

Group Media Centre

Tel: [phone]

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