Natwest Group Plc · LSE:NWG
Natwest — The Royal Bank of Scotland Group — Investor Presentation (March 2010)
77 slides from Natwest's investor presentation, Mar 8, 2010
Slide 1: Investor Round Table on US Business
The Royal Bank of Scotland Group Investor Round Table on US Business 8th March 2010 1
Slide 2: Important Information
Important Information Certain sections in this presentation contain ‘forward-looking statements’ as that term is defined in the United States Private Securities Litigation Reform Act of 1995, such as statements that include the words ‘expect’, ‘estimate’, ‘project’, ‘anticipate’, ‘believes’, ‘should
Slide 3: Group Introduction
Group Introduction Bruce Van Saun Group Chief Financial Officer
Slide 4: RBS Group FY09 Results Key Messages
RBS Group FY09 Results Key Messages Losses Are Narrowing Impairments down 2nd quarter in a row NIM expanding GBM doing well Retail & Commercial turning the corner Expense programs on track Balance sheet much stronger in all respects (Capital, liquidity, funding); size reducing impressively Weighing
Slide 5: The US Operations are Core to the Group
The US Operations are Core to the Group Retail & Commercial1 Global Banking & Markets In steady state we expect Retail and Commercial to GBM delivered a strong revenue performance in generate c.2/3 of Core Revenue, US R&C will be a 2009, a significant contributor to which was the fundamental contrib
Slide 6: Citizens Financial Group
Citizens Financial Group Ellen Alemany John Fawcett 6
Slide 7: Ellen Alemany
Ellen Alemany Chairman and Chief Executive Officer Citizens Financial Group, Inc. and RBS Americas
Slide 8: New Management Team
New Management Team Stephen Hester CEO, RBS Ellen Alemany Chairman and CEO Citizens Financial Group Consumer Consumer & Commercial Global Transaction Business Finance Business Banking Banking Services* Services*+ B. Conner M. Bischoff R. Matthews Prabhat Vira D. Bowerman Citizens**: 1 yr. 6 Citizens
Slide 9: Citizens Financial Group Retail Commercial Organization
Organization Citizens Financial Group Branch Banking Retail Business Banking GTS Debit Cards Investments Consumer & Business Banking Wealth Management RBS Worldpay Consumer Finance Mortgage Home Equity Cash Management Cards Indirect Auto Student Loan Commercial Commercial Lending Infrastructure Comm
Slide 10: Branch Franchise
Branch Franchise Detroit Population: 4.5MM Boston Branches: 100 Population: 4.5MM Deposit Rank: 6th Branches: 210 Deposit Rank: 2nd Chicago Population: 9.8MM Branches: 114 Deposit Rank: 10th Providence Population: 1.6MM Branches: 99 Deposit Rank: 1st Philadelphia Population: 5.9MM Pittsburgh Branche
Slide 11: 4Q09 Dimensions
4Q09 Dimensions Citizens Financial Group U.S. Ranking Assets $148 billion #11 Deposits $98 billion #13 Loans $96 billion #9 Employees (FTEs) 21,200 #11 Branches 1,512 #9 ATMs 3,554 #7 Customers 6.7 million 11
Slide 12: Strategic plan meets RBS evaluation criteria
Strategic plan meets RBS evaluation criteria Description Assessment Rationale Strong market share Top 5 player in the markets in which we operate; top 10 Customer Franchise Enduring customer franchise 9 nationally Forward looking returns Return reaches 15% by 2013 Returns above hurdle rate
Slide 13: Transforming our Business
Transforming our Business VISION: Our goal is to earn our customers’ loyalty and serve as their primary banking partner providing local, helpful service and global resources. We will be a super-regional leader in our markets, consistently perform for our shareholders & invest in our colleagues and
Slide 14: Non-Core Loan Portfolio
Non-Core Loan Portfolio Citizens Non-Core Division represents $17.8 billion of consumer and commercial loans and is 18% of CFG total loan outstandings. Loan outstandings have declined $2.6 billion from June to January ‘10. Non-Core End of Period Assets - $B Non-Core End of Period Asset Projections -
Slide 15: Diversified Income
Diversified Income IFRS Citizens Financial Group Total Revenue: $5.36 billion 15
Slide 16: Consumer & Business Banking Strategy
Consumer & Business Banking Strategy In Consumer & Business Banking, we will continue to build market share through a commitment to our customers and our colleagues. Investments in helpful products, competitive pricing and channel delivery coupled with dedicated marketing and effective sales managem
Slide 17: Our Strategy Is Beginning To Take Root
Our Strategy Is Beginning To Take Root How many channels do you use with Consumer Checking Balances Citizens Bank/Charter One? 31% 27% 26% 8% 16% -1% ’07-’08 ’08-’09 Use 1 Channel Use 2 Channels Use 3 Channels Use 4+ Channels Deepening Household Relationships Increasing Cross-Sell 1% Direct 48% incr
Slide 18: Consumer Finance Strategy
Consumer Finance Strategy As a complement to the deposit business, Citizens will continue its industry leading position in consumer finance offering five key products to its customer base (Residential Mortgages, Home Equity (second) mortgages, Auto Loans, Student Loans, and Credit Cards) Balance She
Slide 19: Commercial Banking Strategy
Commercial Banking Strategy Continue to drive core bank relationship attributes and lead relationships with companies in footprint with sales of $5 million to $2 billion, leveraging a local delivery model; out-of-footprint lending activities are limited unless supporting strategic in-footprint relat
Slide 20: Commercial Market Share in Citizens' Footprint
Commercial Market Share in Citizens’ Footprint Question: Which bank(s) or non-bank(s) does your company currently use for any product? 2009 2008 Market Market Share Share Companies Companies$5-$25 $5‐25MM MM N=2,934 Growth Companies Companies$25-$500 $25‐500MM MM N=1,292 Growth 12% 15% Citizens Bank
Slide 21: Global Transaction Services Strategy
Global Transaction Services Strategy GTS is a client-centric product unit that aims at continuing to improve fee based solutions for Citizens Commercial and Business Banking clients. The strategy will focus on a front to back approach to investing in solutions and delivering to our clients in a seam
Slide 22: Risks / Opportunities
Risks / Opportunities Risks Upside Libor rates continue to be NIM comes back faster than plan depressed through 2011 resulting in continued low deposit spreads Increased sales productivity Worse than expected economic gains from investments in environment provide for higher technology and in
Slide 23: John Fawcett
John Fawcett Chief Financial Officer Citizens Financial Group, Inc. and RBS Americas
Slide 24: Legal vehicle vs Group external management reporting
Legal vehicle vs Group external management reporting Legal Vehicle Citizens Financial Group US Retail & Commercial Manufacturing GTS Core Non-Core External View Group Manufacturing Group Central Items Group Treasury Cost Allocation 24
Slide 25: 2009 Income Statement
2009 Income Statement IFRS - $MM Core US Retail & Commercial B/(W) vs. 2008 Total Revenue Excl. Gains 2009 2008 $ % 1,194 1,049 1,076 1,040 1,060 Net Interest Income 2,777 3,200 (423) (13%) 357 338 381 360 370 Non Interest Income 1,487 1,593 (106) (7%) Total Revenue 4,264 4,793 (529) (11%) 837 711 6
Slide 26: Pre Impairment Profit, Impairments, Operating Profit / (Loss)
2009 performance has been significantly impacted by rates and credit IFRS - $MM Citizens Financial Group 1,000 650 Pre Impairment Profit, Impairments, Operating Profit / (Loss) 910 900 37 855 600 723 779 800 550 740 727 733 119 696 700 500 127 400 600 450 3M LIBOR - Average (bps) 318 527 394 513 511
Slide 27: Net Interest Margin Trends
Net Interest Margin Trends IFRS Citizens Financial Group & Core US Retail & Commercial 1,200 3.20% Competitor NIM Ranking GAAP 1,000 2.91% 2.89% 3.00% Q4 2009 2.73% 2.77% 800 2.71% 2.80% PNC Financial 4.09% 2.83% 2.81% 2.61% U.S. Bancorp 3.85% 600 2.60% BB&T 3.82% 2.70% 2.69% 2.47% 2.40% M&T Bank 3.
Slide 28: Deposit Pricing
Deposit Pricing as of Dec 31, 2009 % of MMA WAMP MM Deposits by Market DDA/CWI SpotMBalance 2009 as of M A De pos its12/31/2009 by M ark e t DDA/CWI % of MMA WAMP OH 40,000 NH/V T 130% MI 7% 6% 120% 9% 35,000 29% 110% West NY IL 30,000 100% 4% 7% 90% 25,000 80% RI 70% 20,000 6% Mass 60% 22% 15,000 5
Slide 29: Non Interest Income
Non Interest Income IFRS - $MM Core US Retail & Commercial B/(W) vs. 2008 2009 2008 $ % Deposit Service Charges $ 517 $ 529 $ (12) (2%) ATM & MasterMoney 241 239 2 1% Mortgage Banking Fees 171 80 91 113% Investment Services / Trust Fees 106 113 (7) (6%) Commercial Banking Fees 131 178 (47) (26%) Mer
Slide 30: Core US Retail & Commercial Direct Expense Walk
IFRS - $MM $MM 1,200 1,450 1,700 1,950 2,200 FY R 20 es tru 08 ct In ur 1,848 in cr ea g se In iti d at iv FD es IC (92) In su ra nc e Le C Pe vy ol le 212 ct ns io io ns n /B -N en on ef Pe its 81 rfo rm in g • Direct Expenses remain under control As se ts 28 H om e Le nd in g 27 Ad Lo ve ss rti es
Slide 31: Credit Update: Core US Retail & Commercial
Credit Update Core US Retail & Commercial Retail Commercial General 1,400 1,200 11 1,000 403 800 $MM 269 600 1,191 YTD Dec 09 YTD Dec 08 % or BPS 400 859 681 494 Non-performing Loans 1,010,074 459,226 120.0% 200 Non-performing Assets 1,064,960 502,971 111.7% 0 Net Charge-offs 762,915 503,705 51.5% R
Slide 32: Credit Update: Citizens Financial Group
Credit Update Citizens Financial Group SBO Non SBO SBO 651 SBO 673 1,783 All Other 1,634 All Other 2,110 2,281 3,000 2,500 2,000 495 * $MM 1,500 474 2,783 Peer Median 2,285 2009 2008 % or BPS Change 1,000 1,785 SBO Non-performing Loans 2,195,348 1,124,842 95.2% 99.2% 1,309 500 Non-performing Non SBO
Slide 33: Strong Asset Quality and Reserves vs. Peers
Strong Asset Quality and Reserves vs. Peers US GAAP Citizens Financial Group NPLs / Loans % Citizens 2.21% Peer Ave: BB&T 2.54% 4.03% Comerica 2.80% U.S. Bancorp 2.85% M&T Bank 2.90% PNC Financial 3.54% KeyCorp 3.89% Regions Financial 5.87% Fifth Third 5.87% SunTrust 5.95% Reserves / NPLs % KeyCorp
Slide 34: Capital Ratios Trend
Capital Ratios Trend Citizens Financial Group During the year, CFG significantly improved all capital ratios Well Dec Capitalized 2009 Δ Minimums Actuals bps 13.5% 13.0% 10.0% 13.03% Ç 303 12.5% 12.0% 11.5% 6.0% 11.62% Ç 562 11.0% 10.5% 10.0% 9.5% 9.0% 8.5% 5.0% 8.68% Ç 368 8.0% 7.5% 7.0% 6.5% 6.0%
Slide 35: Well Capitalized vs. Peers
Well Capitalized vs. Peers US GAAP Citizens Financial Group Tier 1 Equity Tier 1 Common Equity Fifth Third 13.31% Citizens 11.08% SunTrust 12.90% BB&T 8.50% KeyCorp 12.68% Comerica 8.18% Comerica 12.46% SunTrust 7.65% Citizens 11.62% KeyCorp 7.46% Regions Regions 11.60% 7.20% Financial Financial PNC
Slide 36: Ellen Alemany
Ellen Alemany Chairman and Chief Executive Officer Citizens Financial Group, Inc. and RBS Americas
Slide 37: Citizens is well positioned for the Future
Citizens is well positioned for the Future Strong executive management team Development of an effective and promising Strategic Plan Confirmed support of parent company Initiatives demonstrating positive initial results Strong asset quality and capital positions Positioned to take advant
Slide 38: Appendix
Appendix
Slide 39: Macroeconomics: Fed Funds/LIBOR Spread and Housing
Macroeconomics 156 Housing 23 Fed Funds/LIBOR Spread, & DJIA 154 22 # of Months Supply 21 Avg Spread Avg Spread Avg Spread current spread 152 (8/1/09-9/16) (9/17-10/28) (10/29-01/10) 20 lowest since 150 6% 81 bps 222 bps 53 bps Mar 2008 12,000 19 $M 148 18 -0.1 bps 146 5% 11,000 17 144 16 142 4% 10,
Slide 40: Our Footprint in the Case-Shiller Index
Our Footprint in the Case-Shiller 20 Index December 2009 220 210 200 190 180 170 160 150 2000=100 140 130 120 110 100 90 80 70 60 01 02 03 04 05 06 07 08 09 10 11 12 01 02 03 04 05 06 07 08 09 10 11 12 01 02 03 04 05 06 07 08 09 10 11 12 01 02 03 04 05 06 07 08 09 10 11 12 01 02 03 04 05 06 07 08 09
Slide 41: Case-Shiller house prices – California and Florida vs National Average
Case-Shiller house prices – California and Florida vs National Average December 2009 300 290 280 270 260 250 240 230 220 210 2000=100 200 190 180 170 160 150 140 130 120 110 100 01 02 03 04 05 06 07 08 09 10 11 12 01 02 03 04 05 06 07 08 09 10 11 12 01 02 03 04 05 06 07 08 09 10 11 12 01 02 03 04 05
Slide 42: US Retail & Commercial Portfolio
US Retail & Commercial Total Portfolio; $94.9bn; -8%1 Home Equity & Residential Mortgage Portfolio2 Core; $77.6bn, Non-Core; $17.3bn Core $35.1bn; Non-Core $7.4bn % Cumulative LTV distribution as % of book volume: Residential Mtg/ 2 38 Home equity 74 Dec-08 Dec-09 70 66 61 Corporate & 57 23 1 51 Ind
Slide 43: US R&C – Consumer Lending Metrics
US R&C – Consumer Lending Metrics Core Non-Core Residential Residential Home Equity Auto Home Equity Auto SBO Mortgage Mortgage Outstanding Balance $10.0bn $25.1bn $8.2bn $1.3bn $0.5bn $0.6bn $5.5bn Percentage of Total Loans 11% 26% 9% 1% 0.5% 0.5% 6% Weighted Average FICO1 732 746 738 698 726 692 7
Slide 44: Serviced by other portfolio (SBO)
Serviced by other portfolio (SBO) SBO Portfolio Balance Notwithstanding a 13 state footprint and prominence in the January 2010 New England and Mid Atlantic regions, SBO exposed RBS Region % Total Balance* ($B) Units to every other state in America. Concentrations in Mid Atlantic 21.8% 1.17 20,503 C
Slide 45: Balance Sheet
Balance Sheet Citizens Financial Group 2009 FY EOP Earning Asset Distribution – $123B Other Consumer Investments IFRS - $MM (Spot) Full Year Full Year vs. 2008 Inc/(Dec) Loans 21% 2009 2008 $ % 4% Auto Loans Commercial 7% Mortgage Investments $ 26,717 $ 27,293 $ (576) (2%) 6% Loans Consumer Mortgage
Slide 46: Investment Portfolio
Investment Portfolio Citizens Financial Group US GAAP - $MM Spot Balance The portfolio remains dominated by low Dec '08 Dec '09 (0% - 20%) risk weighted assets with 85% being either explicitly or implicitly U.S. Treasury & GNMA Securities 8,601 9,611 guaranteed by the U.S. Gov’t. U.S. Agency 13,62
Slide 47: USR/C – Core Results to Total CFG Recon
USR/C – Core Results to Total CFG Recon IFRS GAAP Per Results Internal USR&C "Group" USR&C USR&C USR&C Total IFRS vs. Total Core Eliminations Core Non-Core Total GTS Bus Svc Central Items CFG GAAP CFG Net Interest Income 2,985 2,985 442 3,427 9 (46) (2) 3,388 33 3,421 Treasury Allocation (208) 208 -
Slide 48: GBM Americas
GBM Americas Bob McKillip & Michael Lyublinsky Co-Chief Executive Officers, Global Banking & Markets
Slide 49: GBM Americas: Agenda
GBM Americas: Strategic Overview Core Financial Performance Progress to Date Looking Ahead Appendix 2
Slide 50: GBM Americas Structure
GBM Americas: Strategic Overview GBM Americas Structure Global Banking & Markets Global Banking & Markets Americas Markets Banking Michael Lyublinsky Bob McKillip Co-CEO, GBM Americas Co-CEO, GBM Americas Support Global Banking & Markets Americas is a leading banking partner to major corporations, a
Slide 51: Evaluation of GBM Americas businesses against five criteria
GBM Americas: Strategic Overview Evaluation of GBM Americas businesses against five criteria Is our business based on an enduring customer franchise? Do we have clear competitive advantage 1. Customer and strong market shares? Have we taken account of how the market and competitive environment fra
Slide 52: GBM Americas is Core to RBS' Global Franchise
GBM Americas: Strategic Overview GBM Americas is Core to RBS’ Global Franchise The Strategic Test: Our Position: • Ranked # 1 Manager US Asset Backed Securities1 Top Position in Enduring Mid • Ranked # 1 in USD Interest Rate Volatility1 Franchises • Leading underwriter of US Treasury Coupon Securiti
Slide 53: Our strategy was agreed in 2009 and we are on track
GBM Americas: Strategic Overview Our strategy was agreed in 2009 and we are on track entering 2010 1 year: Completed 2009 3 years: 2011 5 years: 2013 Stability Profitability Review Growth Options Preserve our franchise. Build out Deeper share of core clients’ ROE sustained at 15%+ key product capabi
Slide 54: Key Initiatives from the GBM Americas Strategic Review
GBM Americas: Strategic Overview Key Initiatives from the GBM Americas Strategic Review Build client franchise through financing and risk management-led #1 proposition #2 Reposition selected products for greater profitability #3 Reinforce fixed income leadership Clients Products #4 Further leverage
Slide 55: Clients
GBM Americas: Strategic Overview Clients Play to our strengths: Drive business through our origination and distribution platform Focus on core client base relationships Clients Products – Leverage market leading positions to increase wallet- share from key GBM clients GBM Americas – Large Corpor
Slide 56: Our Core Product Structure
GBM Americas: Strategic Overview Our Core Product Structure Global Banking & Markets Americas Clients Products GBM Core Businesses Risk Americas Capital Management & Funding Markets Banking Infrastructure People Portfolio Management, Risk, Finance, Legal, Operations & Technology, Human Resources 9
Slide 57: Core / Non-Core Segmentation Results in Clear Product Choices
GBM Americas: Strategic Overview Core / Non-Core Segmentation results in Clear Product Choices Core Markets Businesses Core Banking Businesses • Rates Trading • Investment Grade Bonds • Mortgage Trading • High Yield Bonds • Credit Trading • Non-Mortgage ABS • Local Markets • Syndicate • FX Trading •
Slide 58: Effectively managing capital and funding
GBM Americas: Strategic Overview Effectively managing capital and funding Capital Proportionate use of balance sheet, risk and funding across businesses Active credit portfolio management Clients Products Revised risk management frameworks and limits GBM Americas Risk Capital Review incentiv
Slide 59: Our People
GBM Americas: Strategic Overview Our People Attracting and retaining talent is integral to the success of GBM Americas: Clients Products – Comprehensive organizational changes implemented in 2009 GBM Americas Risk Capital – Continued to hire through Q4 2009 and Q1 2010 Management & Funding – Overa
Slide 60: Investing in Essential Infrastructure
GBM Americas: Strategic Overview Investing in Essential Infrastructure North Star: a two-year global infrastructure investment program Focused on advancing GBM America’s process architecture Clients Products – In-depth evaluation of technology infrastructure capabilities GBM – Aligned to RBS Group
Slide 61: GBM Americas Risk Management Objectives
GBM Americas: Strategic Overview GBM Americas Risk Management Objectives Enhance Revised governance frameworks Controls Redesigned approval, monitoring and control Clients Products processes GBM Expand Improve risk measurement and capital Risk Americas Capital Measurements efficiency through t
Slide 62: GBM Americas: Agenda
GBM Americas: Strategic Overview Core Financial Performance Progress to Date Looking Ahead Appendix 15
Slide 63: We are a refocused business
GBM Americas: Core Financial Performance We are a refocused business Historic (2008 Actuals)* Refocused (2009 Actuals)* Revenue $ (0.5) bn Revenue $ 5.5 bn Pre-Tax Contribution $ (1.7) bn Pre-Tax Contribution $ 4.2 bn TPAs (excl. MTM) $143.9 bn TPAs (excl. MTM) $137.6 bn RWA (Spot) $ 70.3 bn RWA (Sp
Slide 64: The Americas is fundamental to the success of Global Banking & Markets
GBM Americas: Core Financial Performance The Americas is fundamental to the success of Global Banking & Markets: 2009 GBM revenues of $17bn Geographic breakdown Americas UK 33% 37% 37% 12% 18% Asia EMEA Leading underwriter of US Treasury Coupon Auctions by market share # 1 USD Interest Rate Vola
Slide 65: GBM Americas: income by product
GBM GBM Americas: income by product Core Financial Performance GBM Americas Quarterly Revenue by Product, USD $bn 2.0 2.2 1.4 1.3 0.6 0.0 Q109 Q209 Q309 Q409 Rates Credit Markets PM & Origination Q109 Q209 Q309 Q409 Following 2008, the Core franchise had an exceptional Q109 lead by the Mortgage Tr
Slide 66: GBM Americas: Agenda
GBM Americas: Strategic Overview Core Financial Performance Progress to Date Looking Ahead Appendix 19
Slide 67: Progress to Date
GBM Americas: Progress to Date Client business refocused Strong positions maintained in key businesses including Mortgages and Rates Significant de-risking of the portfolio Mexico and Canada refocused and banking license application in Brazil Full establishment and separation of Non-Core b
Slide 68: Preserving our Franchise
GBM Americas: Progress to Date Top 3 6–10 Preserving our Franchise 4–5 >11 Position Current Aspiration Customer Relationship USA Ranking USD Options 1 Rates Trading 4 Important Relationships 5 Credit 10 Markets Lead Relationships 66 FX 3 MBS 6 Domestic Banking 8 (T) International Banking 4 Syndicate
Slide 69: GBM Americas: Agenda
GBM Americas: Strategic Overview Core Financial Performance Progress to Date Looking Ahead Appendix 22
Slide 70: Focus & challenges for 2010
GBM Americas: Looking Ahead Focus & challenges for 2010 Focus Challenges Deepen relationships with core customers Global economic conditions are fragile Defend market leading positions Wholesale funding costs Weakened economies Continue to manage risk tightly Low trading spreads & volatil
Slide 71: Moving forward…
GBM Americas: Looking Ahead Moving forward… 2009 was an exceptional year and a solid foundation for 2010 Strategy is clear and we are performing ahead of the original strategic plan Focus now on implementation and execution The Americas fundamental to the success of RBS Global Banking & Mark
Slide 72: GBM Americas: Agenda
GBM Americas: Strategic Overview Financial Performance Progress to Date Looking Ahead Appendix 25
Slide 73: Appendix: Markets Businesses
GBM Americas: Appendix Businesses: Markets • Rates Trading: Offers clients a full spectrum of Rates Products including Treasuries, Agencies, IRD Swaps, Options, Inflation Products, Structured Products and Short Term Markets. • Mortgage Trading: Provides secondary market solutions to Rates client hed
Slide 74: Appendix: Banking Businesses
GBM Americas: Appendix Banking Businesses: • Investment Grade & High Yield Bonds: Offers corporate and FI clients a broad range of debt market solutions ranging from bond financings to risk management solutions. Investment • Non-Mortgage ABS (Conduits): Provides top-tier US non- Coverage Grade mortg
Slide 75: 2009 Key Deals and Achievements - Banking
GBM Americas: Appendix 2009 Key Deals and Achievements - Banking Time Warner Cable International Paper Quest Diagnostics Harley-Davidson Motorcycle Trust Boeing Co Kraft Foods, Inc. 2009-4 USD 2,000,000,000 USD 750,000,000 USD 750,000,000 USD 562,499,000 USD 1,200,000,000 GBP 5,500,000,000 3.500% Se
Slide 76: 2009 Key Deals and Achievements - Markets
GBM Americas: Appendix 2009 Key Deals and Achievements - Markets Rates Mortgage Trading FX Emerging Markets Strategy 2009 2009 2009 2009 #2 Inflation Overall Global #1 Currency Options Overall #2 Structured FY 2009 FX Emerging market #4 Infaltion Swaps USD #2 options – trading All America Fixed Inco
Slide 77: Questions
Questions 30 30
The Royal Bank of Scotland Group — Investor Presentation (March 2010) on 6ix