Examples of RBS plc in a sentence
RBS plc and BNP Paribas agreed to work together with the aim of implementing a banking business transfer scheme pursuant to Part VII of the UK Financial Services and Markets Act 2000 (the ‘Scheme’) to effect a legal transfer of eligible transactions to BNP Paribas or one of its affiliates.
RBS plc has discussed the Proposed Transfers with the relevant regulators, including the UK Financial Conduct Authority (FCA) and the UK Prudential Regulatory Authority (PRA).
The Proposed Transfers are not expected to change the price that BNP Paribas (or one of its affiliates) or RBS plc, as the case may be, as part of their normal market making activities, may bid for such securities or structured deposits before the Effective Date.
It is important to note that the UK FSCS will only be applied upon any default of RBS plc, and the French DGS will only be applied upon any default of BNP Paribas.
The expected change of issuer or deposit taker may lead to a change in the price at which securities or structured deposits may trade after the Effective Date due to any difference in the perceived credit quality of RBS plc and BNP Paribas.
The Scheme is a statutory banking business transfer scheme, pursuant to Part VII of the UK Financial Services and Markets Act 2000, proposed to be used to transfer certain assets and liabilities of RBS plc to BNP Paribas or one of its affiliates.Implementation of the Scheme is subject to, amongst other matters, obtaining regulatory and court approvals.
Subject to satisfaction of the eligibility conditions, structured deposits accepted by RBS plc fall under the scope of the UK FSCS, and structured deposits accepted by BNP Paribas fall under the scope of the French DGS (even though it is the London branch of BNP Paribas that will become the deposit taker).
We recommend that you seek tax advice as to the tax consequences for you in the jurisdiction(s) in which you are subject to tax of any transfer pursuant to the Scheme of the RBS plc securities that you hold, in light of your own particular circumstances.
If you reasonably consider that the transfers are likely to result in adverse tax consequences, you may be entitled under the terms of the Scheme upon providing appropriate evidence to request RBS plc or BNPP IBV to purchase your securities at their mid market value (spread-free), provided such request is made in advance of, or within 60 business days after, the Effective Date and assuming normal market conditions exist.
It serves customers through a number of channels including: the RBS plc and NatWest Plc network of branches and Automated Teller Machines (“ATMs”) in the UK, telephony, online and mobile.