Royal Bank of Scotland Group PLC Director/PDMR Shareholding (8976Y)

TIDMRBS

RNS Number : 8976Y

Royal Bank of Scotland Group PLC

08 March 2017

8 March 2017

The Royal Bank of Scotland Group plc

Legal Entity Identifier: 2138005O9XJIJN4JPN90

INITIAL NOTIFICATION OF TRANSACTIONS OF PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY ("PDMRs") IN ACCORDANCE WITH ARTICLE 19 OF THE EU MARKET ABUSE REGULATION 596/2014

1. The Royal Bank of Scotland Group plc (the "Company") announces that conditional deferred awards over ordinary shares of GBP1 each in the Company ("Shares") (ISIN: GB00B7T77214) vested on 7 March 2017 to the PDMRs set out below. The conditional deferred awards were granted under the RBS 2010 Deferral Plan in March 2014 and the RBS 2014 Employee Share Plan in March 2015. The number of Shares withheld to meet associated tax liabilities arising on vesting and the number of vested Shares retained by each PDMR is set out below:-

 
   Name of          Position       No. of        No. of        No. of 
     PDMR            of PDMR        Shares       Shares         vested 
                                    vested      withheld        Shares 
                                               to satisfy      retained 
                                               associated 
                                              tax liability 
-------------  -----------------  --------  ---------------  ---------- 
                Chief Operating 
 Mark Bailie         Officer       326,139      153,286        172,853 
-------------  -----------------  --------  ---------------  ---------- 
 Chris            CEO, NatWest 
  Marks              Markets       326,139      153,286        172,853 
-------------  -----------------  --------  ---------------  ---------- 
                CEO, Commercial 
 Alison             & Private 
  Rose               Banking       66,733        31,365        35,368 
-------------  -----------------  --------  ---------------  ---------- 
 

The above transactions took place outside of a trading venue. The market price used to determine the number of Shares withheld to meet associated tax liabilities was GBP2.389. Shares retained after payment of associated tax liabilities are subject to a six month retention period from vesting and are held in the Computershare Retained Shares Nominee account.

2. The Company announces that conditional long term incentive awards over Shares vested on 7 March 2017 to the PDMRs set out below. The conditional long term incentive awards were granted under the RBS 2010 Long Term Incentive Plan in March 2014 (or as otherwise stated). The number of Shares withheld to meet associated tax liabilities arising on vesting and the number of vested Shares retained by each PDMR is set out below:-

 
      Name of               Position          No. of        No. of        No. of 
        PDMR                 of PDMR           Shares       Shares         Shares 
                                               vested      withheld       retained 
                                                          to satisfy 
                                                          associated 
                                                         tax liability 
-------------------  ----------------------  --------  ---------------  ---------- 
 Elaine                     Chief HR 
  Arden                      Officer          137,279       64,522        72,757 
-------------------  ----------------------  --------  ---------------  ---------- 
                         Chief Operating 
 Mark Bailie                 Officer          45,760        21,508        24,252 
-------------------  ----------------------  --------  ---------------  ---------- 
                          CEO, NatWest 
 Chris Marks                 Markets          45,760        21,508        24,252 
-------------------  ----------------------  --------  ---------------  ---------- 
                          CEO, Personal 
 Leslie                     & Business 
  Matheson                   Banking          152,533       71,691        80,842 
-------------------  ----------------------  --------  ---------------  ---------- 
 Ross McEwan             Chief Executive      512,509      240,880        271,629 
-------------------  ----------------------  --------  ---------------  ---------- 
                      Chief Administrative 
 Simon McNamara              Officer          266,932      125,459        141,473 
-------------------  ----------------------  --------  ---------------  ---------- 
                         CEO, Commercial 
 Alison                     & Private 
  Rose                       Banking          144,906       68,106        76,800 
-------------------  ----------------------  --------  ---------------  ---------- 
                           Chief Risk 
 David Stephen               Officer          183,039       86,029        97,010 
-------------------  ----------------------  --------  ---------------  ---------- 
                         Chief Financial 
 Ewen Stevenson(1)           Officer          288,257      135,481        152,776 
-------------------  ----------------------  --------  ---------------  ---------- 
 
 (1) Granted and announced on 19 May 2014. 
---------------------------------------------------------------------------------- 
 

The above transactions took place outside of a trading venue. The market price used to determine the number of Shares withheld to meet associated tax liabilities was GBP2.389. Shares retained after payment of associated tax liabilities are subject to a six month retention period from vesting and are held in the Computershare Retained Shares Nominee account.

3. The Company announces that conditional long term incentive awards over Shares have been granted on 7 March 2017 under the RBS 2014 Employee Share Plan to the PDMRs set out below. The awards are eligible to vest between years 2020 and 2024 (or as otherwise stated), subject to the achievement of performance conditions. Malus provisions will apply up until vest and clawback provisions will apply for a period of seven years from the date of grant, extended to ten years if events are under investigation at the end of the seven year period.

 
    Name of PDMR        Position of PDMR        Maximum no. 
                                                     of 
                                               Shares eligible 
                                                   to vest 
-------------------  ----------------------  ----------------- 
                         Chief Operating 
 Mark Bailie                 Officer              900,920 
-------------------  ----------------------  ----------------- 
                          CEO, NatWest 
 Chris Marks                 Markets              900,920 
-------------------  ----------------------  ----------------- 
                          CEO, Personal 
 Leslie Matheson        & Business Banking        517,770 
-------------------  ----------------------  ----------------- 
 Ross McEwan(2)          Chief Executive         1,188,800 
-------------------  ----------------------  ----------------- 
                      Chief Administrative 
 Simon McNamara              Officer              497,060 
-------------------  ----------------------  ----------------- 
                         CEO, Commercial 
 Alison Rose            & Private Banking         745,589 
-------------------  ----------------------  ----------------- 
 David Stephen         Chief Risk Officer         579,903 
-------------------  ----------------------  ----------------- 
                         Chief Financial 
 Ewen Stevenson(2)           Officer              954,768 
-------------------  ----------------------  ----------------- 
                         Chief Marketing 
 David Wheldon               Officer              310,662 
-------------------  ----------------------  ----------------- 
 
 (2) Awards for Mr McEwan and Mr Stevenson 
  are eligible to vest between 2021 and 
  2024. 
-------------------------------------------------------------- 
 

The above transactions took place outside of a trading venue. The market price per Share used on the grant of the above awards was GBP2.4142. Vested Shares retained after payment of associated tax liabilities will be subject to a six month retention period.

4. The Company announces that it was notified on 3 March 2017 that Elaine Arden, Chief HR Officer, sold 70,082 Shares on that date at a price of GBP2.44 per Share. The transactions took place on the London Stock Exchange (XLON).

Person responsible for making notification:-

Aileen Taylor, Company Secretary

For further information contact:-

RBS Investor Relations

Alexander Holcroft

Head of Equity Investor Relations

[phone]

RBS Media Relations

[phone]

This information is provided by RNS

The company news service from the London Stock Exchange

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March 08, 2017 09:30 ET (14:30 GMT)