REG - NatWest Group plc - Adam & Company Private Banking Business

NatwestAnnouncement

17/03/2022 14:15

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220317:nRSQ1716Fa&default-theme=true

RNS Number : 1716F  NatWest Group plc  17 March 2022

NatWest Group plc

17 March 2022

 

Introduction

Following a detailed review on how its current Adam & Company clients can
be best served, NatWest Group plc ("NatWest Group") intends that Coutts &
Company will become its principal private bank offering. In order to implement
this, it is intended to transfer the private banking (including execution-only
dealing services and custody account services) and lending business carried on
under the "Adam & Company" brand and trading name by The Royal Bank of
Scotland plc ("RBS plc"), a public limited company incorporated in Scotland,
to Coutts & Company ("Coutts"), a private unlimited company incorporated
in England and Wales.

 

The Scheme

RBS plc and Coutts intend to effect this transfer by using a business banking
transfer scheme under Part VII of the Financial Services and Markets Act 2000
("FSMA").

 

Accordingly, on 17 March 2022 a Petition was presented to the Court of Session
in Edinburgh (the "Court") by RBS plc and Coutts for an order under Part VII
of the Financial Services and Markets Act 2000 sanctioning a banking business
transfer scheme (the "Scheme") for the transfer of the private banking
(including execution-only dealing services and custody account services) and
lending business carried on by RBS plc under the "Adam & Company" brand
and trading name from RBS plc to Coutts.

 

A hearing for the approval of the Scheme is expected to be held on 31 May
2022. If the Scheme is approved at that hearing, the Scheme is expected to
take effect on 2 July 2022 or any later date which RBS plc and Coutts may
agree, provided that it is no later than 11:59pm (GMT) on 2 October 2022.
Implementation of the Scheme is subject, amongst other matters, to Court and
regulatory approvals. Unless the context requires otherwise, capitalised terms
used in this announcement are defined in the Scheme.

 

Further information on the Scheme

Copies of the Petition, the full terms of the Scheme and a summary of its
principal terms are available free of charge at www.adambank.com/transfer or
from 36 St Andrew Square, Edinburgh EH2 2YB and will remain available until
the date of the Court hearing to consider sanctioning the Scheme.

 

For further information contact:

 

NatWest Group Investor Relations

Alexander Holcroft

Head of Investor Relations

+44 20 7672 1758

 

NatWest Group Media Relations

+44(0)131 523 4205

 

Making your views known

Any person claiming an interest may lodge formal written objections (known as
"Answers") to the petition on or before 11 April 2022.  Answers should be
lodged at the Court of Session, Petition Department, Parliament House,
Edinburgh EH1 1RQ, Scotland. If any person wishes to lodge Answers, they
should seek independent legal advice. Answers are a formal Court document
which must comply with the rules of the Court and are normally prepared by
Scottish legal counsel. In addition, Answers must be accompanied by a fee to
the Court.

 

Any person (including an employee of RBS plc or Coutts) who alleges that he or
she would be adversely affected by the carrying out of the Scheme has a
statutory right to be heard at the Court hearing to consider sanctioning the
Scheme. The Court may also consider informal written objections to the Scheme.
It would be helpful if anyone who wishes to exercise the statutory right to be
heard, or to make informal written objections, could inform RBS plc, by post
or by hand, on or before 11 April 2022 at 36 St Andrew Square, Edinburgh EH2
2YB. RBS will advise the Court accordingly and will pass on to the Court any
written objections that it has received. No fee is payable for this.

 

Forward Looking Statements

This announcement contains forward-looking statements within the meaning of
the United States Private Securities Litigation Reform Act of 1995, such as
statements that include, without limitation, the words 'expect', 'should',
'intend', 'could', 'may', 'will' and similar expressions or variations on
these expressions. These statements concern or may affect future matters, such
as the future economic results, business plans and strategies of NatWest Group
plc ("NatWest Group"). Forward-looking statements are subject to a number of
risks and uncertainties that might cause actual results and performance to
differ materially from any expected future results or performance expressed or
implied by the forward-looking statements. Factors that could cause or
contribute to differences in current expectations include, but are not limited
to, the impact of the Covid-19 pandemic, future growth initiatives (including
acquisitions, joint ventures and strategic partnerships), the outcome of
legal, regulatory and governmental actions and investigations, the level and
extent of future impairments and write-downs (including with respect to
goodwill), legislative, political, fiscal and regulatory developments,
accounting standards, competitive conditions, technological developments,
interest and exchange rate fluctuations, general economic and political
conditions and the impact of climate-related risks and the transitioning to a
net zero economy. These and other factors, risks and uncertainties that may
impact any forward-looking statement or NatWest Group plc's actual results are
discussed in NatWest Group plc's UK 2021 Annual Report and Accounts (ARA) and
NatWest Group plc's filings with the US Securities and Exchange Commission,
including, but not limited to, NatWest Group plc's most recent Annual Report
on Form 20-F and Reports on Form 6-K. The forward-looking statements contained
in this document speak only as of the date of this document and NatWest Group
plc does not assume or undertake any obligation or responsibility to update
any of the forward-looking statements contained in this document, whether as a
result of new information, future events or otherwise, except to the extent
legally required.

 

                                 Legal Entity Identifier
 NatWest Group plc               2138005O9XJIJN4JPN90
 The Royal Bank of Scotland plc  549300WHU4EIHRP28H10
 Coutts & Company                549300OLXJ4Y010LOT3

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCBSGDXRGBDGDR