April 27, 2018 / 6:15 AM / a month ago

BRIEF-RBS Announces Changes To Boards In Connection With Ring-Fencing Transfer Scheme

April 27 (Reuters) - Royal Bank of Scotland Group PLC :

* ANNOUNCES CHANGES TO COMPOSITION OF BOARDS OF DIRECTORS IN CONNECTION WITH RING-FENCING TRANSFER SCHEME

* RBS PLC TO BE RENAMED “NATWEST MARKETS PLC”, ADAM TO BE RENAMED “ ROYAL BANK OF SCOTLAND PLC”, ASSUME BANKNOTE-ISSUING RESPONSIBILITY

* NATWEST HOLDINGS TO HAVE DIRECT OWNERSHIP OF ROYAL BANK OF SCOTLAND PLC, NATIONAL WESTMINSTER BANK PLC, ULSTER BANK IRELAND DAC

* WITH EXCEPTION OF FRANK DANGEARD, ALL DIRECTORS OF ROYAL BANK OF SCOTLAND GROUP PLC WILL CONTINUE TO BE DIRECTORS OF RING- FENCED BANK ENTITIES.

* PATRICK FLYNN WILL BE APPOINTED TO BOARDS OF RING-FENCED BANK ENTITIES WITH EFFECT FROM 1 JUNE 2018.

* YASMIN JETHA TO STEP DOWN FROM BOARD OF RBSG WITH EFFECT FROM APRIL 30 APRIL, TO HOLD POSITION OF NON-EXECUTIVE DIRECTOR ON BOARDS OF RING-FENCED BANK ENTITIES

* FRANK DANGEARD WILL ASSUME ROLE OF CHAIRMAN OF NWM

* FRANCESCA BARNES, GRAHAM BEALE,IAN CORMACK WILL BE APPOINTED TO BOARDS OF RING-FENCED BANK ENTITIES AS NON-EXECUTIVE DIRECTORS WITH EFFECT FROM MAY 1

* FOR NWM, WITH EXCEPTION OF FRANK DANGEARD, BRENDAN NELSON, ALL EXISTING DIRECTORS OF ROYAL BANK OF SCOTLAND PLC WILL STEP DOWN

* CHRIS MARKS (CEO) AND RICHARD PLACE (CFO) WILL BE APPOINTED AS EXECUTIVE DIRECTORS ON BOARD OF NWM.

* VIVEK AHUJA AND SARAH WILKINSON WILL BE APPOINTED AS NON-EXECUTIVE DIRECTORS ON BOARD OF NWM. Source text for Eikon: Further company coverage:

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