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The Royal Bank of Scotland Group plc
("RBS") Acquisition of National Westminster Bank plc ("NatWest") -
Update
Sir George Mathewson, Executive Deputy Chairman, and Fred
Goodwin, Group Chief Executive, of RBS will today report to a meeting of banking analysts
progress in the first 30 days of the integration of NatWest. The report will in particular
focus upon:
| Objective |
Progress |
| Application of new group architecture |
Completed |
| Confirmation of all key appointments and responsibilities |
Completed |
| Alignment of internal control structure |
Completed |
| Finalisation of detailed three year operating plan for all
units |
Completed |
RBS has validated cost savings and revenue synergies and
these and their phasing will be presented at the meeting. Commenting on progress Fred
Goodwin will say "We have been encouraged by our review of NatWest since the
acquisition was completed on 6 March and are pleased to report that we have successfully
achieved the objectives we set ourselves for the first 30 days."
Change of Year End
Sir George Mathewson will report that the Board had decided
to move the financial year end for the Enlarged RBS Group to 31 December, from 30
September. The year end will thus be the same as the NatWest year end used to be.
RBS’ six month figures to 31 March 2000, excluding any
NatWest contribution, will be announced in summary form on 4 May 2000; the Enlarged RBS
Group’s interim figures for the period ending 30 June 2000 will be announced in
August.
No decision has yet been taken by the Board as to the level
and timing of the interim and final dividends; the Board will take into consideration the
implication of the change of year end for all shareholders.
All shareholders will also receive their Additional Value
Shares in July, following an EGM in June.
Press Enquiries:
Howard Moody
Tel: 020 7427 8660
Group Director, Communications
19 April 2000
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