Royal Bank Of Scotland Share Discussion Threads

[leedskier] 29/7/2015 12:31

I have seen some reasons for buying or not buying shares in this bank posted on this BB over the last six and half years, but before today, Scottish nationality was not one of them.

[homeboy35] 29/7/2015 11:33

RBS shares.

For Scottish mugpunters only!

[leedskier] 29/7/2015 09:59

Meanwhile Greece's Government prepares for the arrival of IMF's Mission Chief, Delia Velculescu, nicknamed Dracula.

How could they refuse her?



add:

[begorrah88] 29/7/2015 09:33

DOW gains now being given back

Yet more divergence from the DOW yet we overtook their slide.

[smurfy2001] 29/7/2015 08:16

Further to the announcement by The Royal Bank of Scotland Group plc ("RBSG") on 28 July 2015, RBSG today announces the final pricing of the offering of shares in Citizens Financial Group, Inc. ("CFG" or "Citizens") ("the Offering").

The Offering comprises 86 million shares, or 16.0%, of Citizens common stock at a public offering price per share of $26.00.

RBSG has also granted a 15% over-allotment option, under which the underwriters have a 30-day option to purchase an additional 12.9 million shares at the public offering price, less the underwriting discount. If the underwriters exercise this option in full, the total offering size, including the shares pursuant to the over-allotment option, would comprise 98.9 million shares, or 18.4% of Citizens common stock.

Gross proceeds realised by RBSG will be $2.2 billion ($2.6 billion assuming exercise in full of the over-allotment option) with the cash proceeds being used for general business purposes.

Concurrent to the Offering, Citizens also intend to repurchase a further 9.6 million shares ($250m) of CFG common stock from RBSG at the Offering price in a directed buy back.

Following the Offering and the directed buy back, RBSG will continue to hold up to 23.4% of CFG's shares of common stock (20.9% assuming exercise of the entire over-allotment option), which are subject to a 60 day lock-up. During this period, the lock-up agreement is subject to modification, waiver or cancellation.

RBSG will no longer consolidate CFG in its financial statements, recognising an estimated GBP1.1 billion gain upon deconsolidation (including GBP0.9 billion reclassified from equity). RBSG will however continue to fully consolidate Citizens for regulatory reporting purposes as it will retain certain veto rights notwithstanding the reduction in its interest in CFG. Therefore, RBSG will continue to include the Risk-Weighted Assets ("RWAs") of CFG in its consolidated RWAs at the current time.

The partial sale is part of RBSG's strategy to fully exit its holding in CFG as part of its European Commission state aid commitments.

Commenting on today's announcement, RBS Chief Executive Officer, Ross McEwan said:

"The sale of Citizens is an integral part of our capital plan. It will help us to create a simpler, stronger and more efficient UK-focussed bank that can better serve the needs of its customers.

"This offering will leave us owning just over 20% of Citizens. We are now targeting to be able to exit Citizens fully by the end of 2015, a year ahead of the original deadline."

[leedskier] 29/7/2015 08:14

FTSE100 + 0.65%.

[leedskier] 29/7/2015 08:13

Good Morning.

Mostly sunny ;

[avatar333] 29/7/2015 08:11

Morning.

;

[leedskier] 29/7/2015 07:51

Markets | Wed Jul 29, 2015 7:29am BST Related: UK MARKETS, GLOBAL MARKET DATA, REGULATORY NEWS

UK Stocks-Factors to watch on July 29

(Adds futures, updates company news)

LONDON, July 29 Britain's FTSE 100 index is seen opening
up by 24-25 points or 0.4 percent on Wednesday, according to financial
bookmakers. Futures were up 0.3 percent ahead of the cash market open.


* The UK blue-chip index snapped a five-day losing streak on Tuesday,
closing up 0.8 percent at 6,555.28 points as hopes for corporate deal-making and
robust corporate results offset market turmoil in China and worries about
emerging-market growth.

* BARCLAYS - Barclays said it intends to accelerate the run down
of assets and cost cutting as its new chairman sought to stamp his mark on the
British bank three weeks after firing the chief executive.

* QUINTAIN ESTATES AND DEVELOPMENT - Quintain Estates and
Development is to be bought by U.S. private equity firm Lone Star, the London
property group said on Wednesday, after receiving a bid valuing the firm at
around 700 million pounds ($1.1 billion).

* CAPITA - British outsourcing group Capita said it expected
organic revenue growth to accelerate in 2016 after it posted an 11 percent rise
in first-half pretax profit and secured 1.6 billion pounds of major contract
wins.

* BRITISH AMERICAN TOBACCO - The world's No. 2 cigarette company
reported lower revenue for the first half of the year, hurt by currency
fluctuations and people cutting back on smoking.

* NATIONAL EXPRESS GROUP - The transport company said it was on
course to meet its expectations for the year, after growing operating profit 4.5
percent in the first half.

* ANTOFAGASTA - The Chilean miner cut its annual copper output
forecast on Wednesday due to a delay in the start up of its Antucoya project, as
it posted a double-digit percentage decline in its half-year copper production.


* SKY - Record demand for entertainment and broadband in Britain,
Germany and Austria helped European pay-TV group Sky to post a slightly
better-than-expected 18 percent jump in full-year operating profit on Wednesday.


* TULLOW OIL - The oil and gas producer continued operating at a
loss in the first half of the year as weak oil prices ate into its revenue.


* RSA - Zurich Insurance Group said any offer it might
make for British rival RSA would probably be in cash. [ID:nZ8N0YQ00O

* ROYAL DUTCH SHELL - Protesters began gathering in a riverside
park in Portland Tuesday evening, planning to drop kayaks in the water to
protest Wednesday's scheduled launch of a ship to be used by Royal Dutch Shell
for Arctic oil exploration.

* GLENCORE - Century Aluminum, which is controlled by
Glencore, said it will shut its Ravenswood smelter in West Virginia immediately
as it had failed to secure competitive power supply amid tough market
conditions.

* QUINTAIN ESTATES AND DEVELOPMENT - Quintain Estates and
Development Plc is in talks to be bought by private equity firm Lone Star Funds
in a deal that could value the London property group at more than 600 million
pounds ($936.30 million), Sky News reported on Tuesday.

* BANKING - Banks must make painful adjustments to how they operate in a
post-crisis world and not rely on policymakers turning back the overall
"regulatory dial", Bank of England Deputy Governor Jon Cunliffe said on Tuesday.



* UK CORPORATE DIARY:

CPI.L Capita PLC Earnings Releases
INDV.L Indivior PLC Earnings Releases
TATE.L Tate & Lyle PLC Sales/Trading Stmt Releases
BATS.L British American Tobacco PLC Earnings Releases
CPG.L Compass Group PLC Sales/Trading Stmt Releases
III.L 3i Group PLC Sales/Trading Stmt Releases
NEX.L National Express Group PLC Earnings Releases
SJP.L St. James's Place PLC Earnings Releases
SJP.L St. James's Place PLC Sales/Trading Stmt Releases
PARA.L Paragon Group of Companies Plc Sales/Trading Stmt Releases
MAB.L Mitchells & Butlers PLC Sales/Trading Stmt Releases
LWDB.L Law Debenture Corporation PLC Earnings Releases
DTY.L Dignity PLC Earnings Releases
CAPCC.L Capital & Counties Properties PLC Earnings Releases
PETSP.L Pets at Home Group PLC Sales/Trading Stmt Releases
BARC.L Barclays PLC Earnings Releases
SUBC.OL Subsea 7 SA Earnings Releases
SKYB.L SKY PLC Earnings Releases
GSK.L GlaxoSmithKline PLC Earnings Releases
TCY.L Telecity Group PLC Earnings Releases
TLW.L Tullow Oil PLC Earnings Releases
LRE.L Lancashire Holdings Ltd Earnings Releases
RMV.L Rightmove PLC Earnings Releases
IPF.L International Personal Finance PLC Earnings Releases
EMG.L Man Group PLC Earnings Releases
JUP.L Jupiter Fund Management PLC Earnings Releases
NE.N Noble Corporation PLC Earnings Releases

[leedskier] 29/7/2015 07:49

Zurich Insurance Group (ZURN.VX) said any offer it might make for British rival RSA (RSA.L) would probably be in cash.

Cash-rich Zurich is weighing a bid for RSA which could top $8 billion (5.1 billion pounds) as insurers look to diversify amid tighter regulations and toughening market conditions.

"Further to the announcement issued on July 28, 2015, in relation to RSA Insurance Group plc, Zurich Insurance Group Ltd confirms that it is likely that any offer, if made, will be solely in cash. No disclosure under Rule 2.10 of the City Code on Takeovers and Mergers will therefore be made in relation to securities in Zurich," it said in a statement on Wednesday.

[leedskier] 29/7/2015 07:47

Barclays (BARC.L) said it intends to accelerate the run down of assets and cost cutting as its new chairman sought to stamp his mark on the British bank three weeks after firing the chief executive.

Chairman John McFarlane, who arrived at Barclays in April with a reputation for taking bold action, said on Wednesday he will cut its costs as a percentage of income to "mid 50s" percent and cut non-core assets to 20 billion pounds by 2017.

[leedskier] 29/7/2015 07:45

Barclays has beaten expectations for second quarter profits, with net income rising to £1.85bn – ahead of the £1.8bn expected - as chairman John McFarlane sets out his three point plan to ramp up its turnaround.
The figures:

Total income has risen to £6.55bn, up from £6.4bn in the previous quarter, while adjusted pre-tax profits stood at £1.85bn for the three months to 30 June. Operating expenses were down slightly to just below £3.9bn for the quarter.

For the first half, adjusted pre-tax profits were up 11 per cent to £3.7bn, which Barclays said reflected “improvements in all core operating businesses”. Additional provisions of £800m have been made for ongoing investigations and litigations, taking the total put aside for the forex scandal to £2.05bn.

On top of that, a further £850m has been put aside to deal with claims over missold PPI. Total operating expenses for the half dropped three per cent to £7.74bn “reflecting savings from strategic cost programmes, principally in the investment bank”.

[leedskier] 29/7/2015 07:45

European stock markets are expected to open up today as investors look to the outcome of the two day Federal Reserve meeting.

The FTSE 100 is expected to open 22 points higher, having closed up yesterday on the back of strong GDP figures. European stocks also finished higher yesterday.

Asian stocks have had a mixed session so far today, with particularly volatile trade in China. The Shanghai Composite ended the morning session 0.2 per cent lower, while Hong Kong’s Hang Seng Index traded flat. The Nikkei 225 in Japan was down.

Oil prices have fallen again in Asian trade amid concerns of global oversupply, while gold is held near a five and a half year low, just below $1,100 an ounce as investors await the outcome of the Federal Reserve Meeting.

Corporate news

Barclays has beaten expectations with adjusted pre-tax profit up 11 per ceent to £3.7bn
Sky has reported an 18 per cent increase in operating profit to £1.4bn
Group revenue of Foxtons is down 2.3 per cent to £71.1m
Peaugeot Citroën has made net profits of €571m in first half of 2015, its first profit since 2011
Data in focus

9:30: UK – June, New lending to individuals – month-on-month
9:30: UK – June, Consumer credit
9:30: UK – June, Mortgage approvals
12:00: USA – July, MBA mortgage applications
19:00: USA – Federal Reserve monetary policy statement
19:00: USA – Federal Reserve interest rate decision

[leedskier] 29/7/2015 07:04

29 July 2015

Partial Sale of Citizens Financial Group, Inc. Stake

Further to the announcement by The Royal Bank of Scotland Group plc ("RBSG") on 28 July 2015, RBSG today announces the final pricing of the offering of shares in Citizens Financial Group, Inc. ("CFG" or "Citizens") ("the Offering").

The Offering comprises 86 million shares, or 16.0%, of Citizens common stock at a public offering price per share of $26.00.

RBSG has also granted a 15% over-allotment option, under which the underwriters have a 30-day option to purchase an additional 12.9 million shares at the public offering price, less the underwriting discount. If the underwriters exercise this option in full, the total offering size, including the shares pursuant to the over-allotment option, would comprise 98.9 million shares, or 18.4% of Citizens common stock.

Gross proceeds realised by RBSG will be $2.2 billion ($2.6 billion assuming exercise in full of the over-allotment option) with the cash proceeds being used for general business purposes.

[leedskier] 29/7/2015 06:46

David Buik ‏@truemagic68 52m52 minutes ago London, England
IG's updated European opening calls - FTSE 6579 +24, DAX 11195 +22, CAC 4888 +11, IBEX 11265 +13 and MIB 23365 +37

[ramco] 28/7/2015 23:21

The market reaction to this month’s announcement may be muted given that the September meeting is seen as a more livelier affair on the path to potential
rate lift-off. Comments hinting at added anxiety about the situation developing in China would likely be seen as a dovish turn of events and would likely result in USD weakness and a flattening of the US curve as participants push back their expectation of eventual rate lift-off. At present, the CME Group FedWatch shows that FFR are currently pricing in a 54% probability of a 25bps rate hike occurring in December 2015.

A more hawkish delivery would likely include more hints as to the FOMC’s timing in pulling the trigger in September which may come in them highlighting satisfaction at how the economy and jobs situation is improving, in addition to the fact that the imminent danger from Greece has now been averted. Despite this market pricing and recent external developments would suggest a more dovish delivery could be on the cards, however, given the Fed’s savviness the announcement may well pass without leaving us with any more concrete idea as to the timing of rate lift-off.

[ramco] 28/7/2015 23:16

The FOMC are to hold their July policy meeting on Wednesday at 1900BST/1300CDT with the overwhelming consensus being that the Fed will once again keep
rates at their record low with attention more so on subtle tweaks to the statement given the broader consensus of a September move and given that this month there will be no projections or press conference.

Participants will be on the lookout for further signals as to identify whether raising rates before the year end remains a viable option.

Many investors still see the next scheduled meeting in September as the most likely time for rate lift-off to commence, given the presence of a post
meeting press conference from the Fed Chair whereby she would have the opportunity to explain in more detail their reasoning and attempt to balance markets interpretation if they were to make a move on rates at that time. Given that fact this meeting will be the Fed’s final formal opportunity to signal to the
markets their intentions, however as is typically the case the Fed will be at pains to not pre-commit to any policy path and will likely keep their options open reiterating that a rate hike could happen at “any meeting” and that the board remain data dependent.

At the last FOMC monetary policy meeting the board stated that risks to the economy and the labour market were relatively balanced. However, the Fed
highlighted particular risks came from failure to strike a deal between Greece and their creditors as well as the emerging markets/China slowdown. With risks from Greece easing, in the short term at least, focus will be on commentary on the continued turbulence seen in China. Other areas of interest may be in regards to the USD which we have seen impact several large cap companies revenue forecasts this earnings season, in addition to the unknown ramifications that plummeting oil prices may have on domestic inflation.

One interesting point raised by analysts at Deutsche Bank is not so much the raising of rates but the Fed’s ‘re-investment policy’. They note that the
rolling over of maturing debt next year would essentially amount to “quantitative tightening”. The potential for this to come up in the statement is highly
unlikely this month but it is a policy tool that may become in vogue moving forwards given the Fed’s persistence that the first increase should not be the
focus and that any moves higher would be ‘gradual’;.

[smurfy2001] 28/7/2015 16:36

Royal Bank of Scotland to sell $2bn stake in US bank Citizens

The sale moves Royal Bank of Scotland closer to moving out of the US retail market, cutting its shareholding to 26.8pc of the American bank

Royal Bank of Scotland has announced plans to sell a $2bn (£1.3bn) stake in its US subsidiary Citizens Financial Group as part of its continued efforts to rid itself of non-core assets.

RBS floated Citizens - which it bought in 1988 as part of its plan to become a global financial titan - on the New York Stock Exchange in September 2014.
The ongoing disposal is part of a major plan to cut RBS's exposure to foreign markets and instead to focus on retail and business banking in the UK.
The strategy aims to restructure the bank and cut it back to a profitable, less risky, core.

It also matches political goals to boost lending in the UK, which is a particularly important target given the bank was bailed out in the financial crisis and remains 80pc owned by British taxpayers.

At the point of Citizen's stock market float, RBS sold almost 30pc of its stake in the Rhode Island-based bank

The stake was cut again in March 2015 when RBS sold a further 132m shares to bring its stake in Citizens to below 50pc.

The latest sale will raise roughly $2bn and bring RBS' shareholding to 26.8pc. If demand for the stock is high, RBS will put an extra 11.25m shares up for sale, worth £292.5m at the current market price.
RBS also expects Citizens to announce a $250m share buyback targetted at the stake owned by RBS.

Morgan Stanley and Goldman Sachs have been hired to lead the sale, while JP Morgan and Citigroup will find investors to buy the shares.

Citizens Financial's shares floated on the market at $21.50 last September, before rising to roughly $25 in March and $26 today, meaning RBS has received a higher price for the stock each time it has sold a stake in the American bank.
Assuming the sale succeeds it will also free up more capital for RBS to allocate to its UK operations.

After this selloff, RBS will no longer consolidate Citizens into the group financial results, as the stake is shrinking so rapidly.

RBS is due to report its second quarter results on Thursday, July 30.

Analyst Ian Gordon at Investec predicts the bank will report a loss of just £0.1bn as costs continue to decrease, bringing RBS within touching distance of turning a profit.

[gcom2] 28/7/2015 16:21

Think he meant on 10 year ftse, if played out then ftse at 3900 a reality. Highly unlikely imho

[cfc1] 28/7/2015 13:51

leeds - you never answered me re your right hand shoulder post the other day -I didn't know what that meant for RBS???

[avatar333] 28/7/2015 09:50

135589

Indeed.

;

[leedskier] 28/7/2015 09:50

So will the FTSE100 traders rejoice in the UK's growth or remain focused on the US Federal Bank meeting?