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RBS completes ring-fencing of retail, investment arms
Royal Bank of Scotland (RBS) on Monday said the ring-fencing of its retail banking operations had been implemented.
Under the changes RBS will be renamed NatWest Markets and Adam & Company PLC becomes The Royal Bank of Scotland PLC.
The company added that it planned to start a second ring fencing scheme in the Court of Session in Scotland to transfer certain customer derivatives from NatWest Bank to NatWest Markets.
If approved, the scheme is expected to be implemented in August 2018, RBS said.
In July 2018, RBS Group also plans to restructure the NatWest Markets capital structure via a court approved capital reduction.
As part of this restructure, the shares in NatWest Holdings Limited, which owns the ring-fenced sub-group, will be distributed to the group. This will separate the ring-fenced sub-group from the non-ring-fenced entities, as required by the ring-fencing legislation, the company said.