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Royal Bank of Scotland

RBS remains one of the largest banking groups in Europe despite its problems and recent deleveraging. It provides a wide range of financial services and is now largely domestically focused. RBS led the consortium, including Fortis and Santander, which acquired Dutch banking group ABN AMRO in October 2007. As a result of the bail-out of RBS in 2008, the UK government owned 83% of its total share capital, now reduced to 62%. Under its new strategic plan, the bank has slimmed down from seven to three divisions (Personal & Business Banking, Commercial & Private Banking, and NatWest Markets). RBS had to divest various businesses under European Commission state aid conditions, but has now agreed a deal to retain its RBS branches in England and Wales (now under the Williams & Glyn brand). In November 2015 it completed the sale of its US subsidiary, Citizens. Ring-fencing preparations have been completed: its ring-fenced bank accounts for around 80% of total assets. (06 Nov 2018)

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Euro Banks: Credit Metrics Update 3Q18

Worth Watching: 05 Dec 2018, 10:49 AM ET - Euro Banks: We have updated the Credit Metrics page on our website with summary balance sheet and income statement data for major European banks at 30 September 2018. Credit Metrics includes data on thirty banks that form our core coverage univer ..

Euro Financial Movers: Stressing The Positives

Euro Financial Movers: 02 Dec 2018, 10:07 PM ET - The Bank of England's stress test results, more money laundering problems for Danske Bank and Deutsche Bank, HSH Nordbank's Tier 1 termination, Axa's deleveraging, and the effect of S&P's rating methodology change on insurance hybrids.

HSH Nordbank: Legacy Tier 1s Terminated

Worth Watching: 30 Nov 2018, 10:47 AM ET - HSH Nordbank (Baa3/NR/BBB-) has announced its decision to terminate its silent participations (funded by its legacy Tier 1 securities, the SPARC, RESPARC I, RESPARC II and SPHERE bonds). The bank's sale to a consortium led by J.C. Flowers and Ce ..

UK Banks: AT1 Conversion in Stress Test

Worth Watching: 30 Nov 2018, 6:51 AM ET - UK Banks: We have had a few questions around the conversion of Barclays' and Lloyds' AT1s into CET1 capital in the recent UK bank stress test (see UK Banks Clear Brexit Stress Test Hurdles). This is our understanding of why both banks were pres ..

UK Banks Clear Brexit Stress Test Hurdles

Sector Analysis: 28 Nov 2018, 4:06 PM ET - The market should welcome the Bank of England stress test results that show the major UK banks weathering the Brexit storm, with no need for any of them to strengthen capital.

Euro Financial Movers: Gourd Times And Bad

Euro Financial Movers: 25 Nov 2018, 9:41 PM ET - It was a quiet week, with Thanksgiving in the US. Deutsche Bank got caught up in the Danske money-laundering scandal, and the BoE brought forward the UK stress test results. Capital optimisation remains at the top of Generali's agenda.

Euro Financial Movers: Brexit – Kind Of A Big Deal

Euro Financial Movers: 18 Nov 2018, 10:00 PM ET - The UK’s draft EU withdrawal agreement led to uncertainty and spread volatility, while the SRB’s position paper provided some post-Brexit MREL clarity. As IASB looks to defer IFRS 17 to 2022, Munich Re issued its first EUR Tier 2 since 2012

BPCE: Rejoining G-SIB List

Worth Watching: 16 Nov 2018, 8:23 AM ET - BPCE is becoming a G-SIB again after the Financial Stability Board announced the 2018 list of Global Systemically Important Banks this morning. It is entering Bucket 1 which means it will have an additional CET1 buffer requirement of 1% from 1 ..

Eurozone Banks: MREL Eligible Bonds Post-Brexit

Worth Watching: 16 Nov 2018, 5:22 AM ET - Eurozone Banks: The Single Resolution Board (SRB) has published a position paper on the "resolvability of banks in the context of Brexit".  As a reminder, the SRB is the European Banking Union's resolution authority and, as such, a key element ..

Euro Financial Movers: La Vida Loca

Euro Financial Movers: 11 Nov 2018, 10:18 PM ET - 3Q18 results continued, with the Italian banks resilient despite macro-economic pressure whilst the Spanish Supreme Court ruled in favour of banks on mortgage-related taxes. Nat cat claims do not seem to be a solvency issue for reinsurers.

Europe's I-Banks: 3Q18 Ups and Downs

Sector Analysis: 11 Nov 2018, 9:47 PM ET - In a mixed quarter for trading and underwriting revenues, European investment banks lost more ground to their US peers.

European Banks: Stress and Stressibility

Sector Analysis: 05 Nov 2018, 3:09 AM ET - The EU-wide stress test results showed that banks, overall, are becoming increasingly resilient, although there were some negative surprises, notably Barclays and Lloyds.

Euro Financial Movers: Stress Relief

Euro Financial Movers: 04 Nov 2018, 10:23 PM ET - The 2018 Stress Test results show EU banks to be more resilient than in previous exercises, whilst 3Q18 earnings continued. After the 3Q18 reinsurers' results, we are starting to see the impact of the recent nat cat events.

Euro Financial Movers: Earnings Glass Half Empty

Euro Financial Movers: 28 Oct 2018, 10:14 PM ET - 3Q18 earnings season kicked off with the Nordic banks affirming their positions on AML, while DB’s struggles continued, and we summarised Danske’s money-laundering woes. In insurance, we initiated coverage of Phoenix.

RBS: Good 3Q18 Despite Brexit Provision

Worth Watching: 26 Oct 2018, 8:32 AM ET - RBS (HoldCo: Baa2/BBB-/BBB+) reported one of the highest Common Equity Tier 1 (CET1) ratios among European banks at 30 September (16.7%, up 60 bp in 3Q18) and a consensus-beating 3Q18 profit, but its share price fell more than 4%, seemingly in ..

Euro Banks RelVal: No Pain, No Gain

Sector Analysis: 25 Oct 2018, 8:55 AM ET - Turkey and Italy have been keeping bank credit investors awake at night, but we are heading into the home straight for this year. A compromise is needed over the Italian budget to ensure a smooth ride from here. 

Euro IG Sector Snapshots: October 2018

Sector Analysis: 22 Oct 2018, 9:31 PM ET - Our updated one page snapshots of the Euro IG sectors.

Euro Financial Movers: A Taxing Week

Euro Financial Movers: 21 Oct 2018, 10:33 PM ET - Italian and Spanish banks struggled due to the prospect of tax rises for Italian banks and an unfavourable court decision for Spanish banks, while money laundering concerns extended to Nordea. Aegon's proposed RT1 has not yet appeared. 

Euro Financial Movers: Italy Tests Market's Nerves

Euro Financial Movers: 14 Oct 2018, 10:08 PM ET - Italy's budget dilemma continues to drive bank credit spreads in the absence of significant newsflow, with subordinated bonds taking the brunt of the pressure. In insurance, Aegon looks to issue an RT1.

Euro Financial Movers: Italy On A Budget

Euro Financial Movers: 07 Oct 2018, 9:25 PM ET - Italy stayed in the spotlight as tensions rose over its budget plan, Danske Bank's woes over Estonian money laundering escalated as the US got involved, Aegon agreed a litigation settlement, and Scor denied merger talks with Partner Re.

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