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News Aug 10, 2015

Shearman & Sterling Advises on The Royal Bank of Scotland’s $3.15 Billion Inaugural Contingent Convertible Additional Tier 1 Capital Notes Offering

Shearman & Sterling represented the underwriters, led by RBS Securities Inc., in connection with The Royal Bank of Scotland Group plc’s inaugural contingent convertible securities offering of $2 billion aggregate principal amount of 7.500% perpetual subordinated contingent convertible additional tier 1 capital notes (callable August 2020 and every five years thereafter) and $1.15 billion aggregate principal amount of 8.000% perpetual subordinated contingent convertible additional tier 1 capital notes (callable August 2025 and every five years thereafter).

The Royal Bank of Scotland Group plc is the holding company of a large international banking and financial services organization. It is headquartered in Edinburgh and serves over 24 million customers in Europe, Asia, the Middle East and North America.

The Shearman & Sterling team of lawyers in the firm’s London, Washington, DC and New York offices included capital markets partner David Dixter and associates Lulu Zhou and Rainer Adlhart. Partner Kristen Garry provided US tax advice, while counsel Simon Letherman and associate Gabriel Ng provided UK tax advice. Counsel Azad Ali and associates James Campbell and Aysuria Chang advised on UK financial institutions regulatory aspects of the offering, and partner Russell Sacks and associates Jennifer Morton and Jenny Ding advised on US financial institutions regulatory matters.