Shearman & Sterling represented the underwriters, led by NatWest Markets Securities Inc., in connection with The Royal Bank of Scotland Group offering of $2 billion 4.269% fixed-rate/floating-rate senior notes due 2025. The joint bookrunners included BofA Merrill Lynch, Credit Suisse, Goldman Sachs and Morgan Stanley.

The Royal Bank of Scotland, headquartered in Edinburgh, has a diversified customer base and provides a wide range of products and services to personal, commercial and large corporate and institutional customers.