Corporate & Institutional Banking (CIB)

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1 Corporate & Institutional Banking (CIB) Deutsche Bank Global Financials Conference Donald Workman, Executive Chairman CIB May 2014

2 Forward Looking Statements 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, intend, plan, could, probability, risk, Value-at-Risk (VaR), target, goal, objective, will, endeavour, outlook, optimistic, prospects and similar expressions or variations on such expressions. In particular, this presentation includes forward-looking statements relating, but not limited to: the Group s restructuring and new strategic plans, divestments, capitalisation, portfolios, net interest margin, capital ratios, liquidity, risk-weighted assets (RWAs), return on equity (ROE), profitability, cost:income ratios, leverage and loan:deposit ratios, funding and risk profile; discretionary coupon and dividend payments; implementation of legislation of ring-fencing and bail-in measures; sustainability targets; litigation, regulatory and governmental investigations; the Group s future financial performance; the level and extent of future impairments and write-downs; and the Group s exposure to political risks, including the referendum on Scottish independence, credit rating risk and to various types of market risks, such as interest rate risk, foreign exchange rate risk and commodity and equity price risk. These statements are based on current plans, estimates and projections, and are subject to inherent risks, uncertainties and other factors which could cause actual results to differ materially from the future results expressed or implied by such forward-looking statements. For example, certain market risk disclosures are dependent on choices about key model characteristics and assumptions and are subject to various limitations. By their nature, certain of the market risk disclosures are only estimates and, as a result, actual future gains and losses could differ materially from those that have been estimated. Other factors that could cause actual results to differ materially from those estimated by the forward-looking statements contained in this presentation include, but are not limited to: global economic and financial market conditions and other geopolitical risks, and their impact on the financial industry in general and on the Group in particular; the ability to implement strategic plans on a timely basis, or at all, including the simplification of the Group s structure, the divestment of Citizens Financial Group and the exiting of assets in RBS Capital Resolution as well as the disposal of certain other assets and businesses as announced or required as part of the State Aid restructuring plan; the achievement of capital and costs reduction targets; ineffective management of capital or changes to capital adequacy or liquidity requirements; organisational restructuring in response to legislation and regulation in the United Kingdom (UK), the European Union (EU) and the United States (US); the implementation of key legislation and regulation including the UK Financial Services (Banking Reform Act) 2013 and the proposed EU Recovery and Resolution Directive; the ability to access sufficient sources of capital, liquidity and funding when required; deteriorations in borrower and counterparty credit quality; litigation, government and regulatory investigations including investigations relating to the setting of LIBOR and other interest rates and foreign exchange trading and rate setting activities; costs or exposures borne by the Group arising out of the origination or sale of mortgages or mortgage-backed securities in the US; the extent of future writedowns and impairment charges caused by depressed asset valuations; the value and effectiveness of any credit protection purchased by the Group; unanticipated turbulence in interest rates, yield curves, foreign currency exchange rates, credit spreads, bond prices, commodity prices, equity prices and basis, volatility and correlation risks; changes in the credit ratings of the Group; changes to the valuation of financial instruments recorded at fair value; competition and consolidation in the banking sector; the ability of the Group to attract or retain senior management or other key employees; regulatory or legal changes (including those requiring any restructuring of the Group s operations) in the UK, the US and other countries in which the Group operates or a change in UK Government policy; changes to regulatory requirements relating to capital and liquidity; changes to the monetary and interest rate policies of central banks and other governmental and regulatory bodies; changes in UK and foreign laws, regulations, accounting standards and taxes, including changes in regulatory capital regulations and liquidity requirements; impairments of goodwill; pension fund shortfalls; general operational risks; HM Treasury exercising influence over the operations of the Group; reputational risk; the conversion of the B Shares in accordance with their terms; limitations on, or additional requirements imposed on, the Group s activities as a result of HM Treasury s investment in the Group; and the success of the Group in managing the risks involved in the foregoing. The forward-looking statements contained in this presentation speak only as of the date of this announcement, and the Group does not undertake to update any forward-looking statement to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. The information, statements and opinions contained in this presentation do not constitute a public offer under any applicable legislation or an offer to sell or solicitation of any offer to buy any securities or financial instruments or any advice or recommendation with respect to such securities or other financial instruments. 1

3 Donald Workman Executive Chairman, CIB, RBS Recently appointed Executive Chairman, Corporate & Institutional Banking Previously Executive Chairman of Asia Pacific Represented RBS managing the Asset Protection Scheme, through which the UK Government provided insurance for around 230 billion of RBS assets Former roles include: 2008 CEO, ABN AMRO Global Banking & Markets and Member of Managing Board of ABN AMRO 2005 Development and management of RBS s wholesale banking strategic partnership with Bank of China 2000 Integrated the corporate banking divisions of NatWest and RBS 1993 Head of Corporate Banking for Scotland (prior to the NatWest take-over) Joined RBS in

4 Contents 1 CIB Overview Page Defending and strengthening the CIB client franchise Go-forward financial profile Page 5 Page 8 4 Management Next steps & timelines Actions and Initiatives Page 9 5 Appendix Page 10 3

5 1. CIB Overview CIB within the new RBS structure Personal & Business Banking Commercial & Private Banking Corporate & Institutional Banking UK Mass Retail UK Affluent Ulster UK Small Business High Net Worth UK Commercial UK Mid Corporate UK Large Corporate Int l Large Corporate Markets Financial Institutions Steady state 1 business profile Steady state 1 business profile Steady state 1 business profile RWA Op. Profit RoE 3 RWA Op. Profit RoE 3 RWA Op. Profit RoE 3 35% 50% 15+% 30% 30% 15+% 35% 20% ~10% 2 CIB is an important component of the new RBS structure Focused on our most sophisticated domestic and multinational clients needs, centred on the UK with a network across Europe, Asia and US Deep relationships with UK and European large corporates 1 Steady state defined as 2018 to % medium-term target (2016/17). 3 Divisional return on equity target is based on 12% divisional RWAs, adjusted for capital deductions (expected loss, securitisations and pension deficit). 4

6 1. CIB Overview CIB was set up to serve specific needs of Corporates and Institutional clients Highlighted the following issues: Vulnerable connection with customers Unsustainable cost base Inadequate shareholder returns Cumulative effect of regulation and state ownership making our previous direction increasingly challenging Set up RBS s new strategy: UK focused Retail & Commercial bank Bank s new vision: RBS strategic review Be reliable, consistent and simple to do business with Earn our customers trust and win more of their business Generate reliable returns, positive organic cash flow and pay an ordinary dividend Strengthen position as the UK s pre-eminent Corporate Bank Operate as one bank geographically and across products Align Markets and international capabilities with needs of our most sophisticated domestic and multinational clients, primarily focusing on supporting clients UK and Western European operations Leader in Sterling & Euro issuance, strong USD capabilities Core product rankings (Top 3 UK, Top 5 EMEA, Top 15 Globally) CIB propositions: CIB vision and propositions Debt Financing: DCM, Structured Finance, Loans Risk Management: Currencies, Rates Transaction Services: International & Domestic Cash, Payments and Trade Broad country network across Europe, Asia and the US 5

7 1. CIB Overview CIB is focused on serving a diverse client universe Covered by CIB Covered by C&P, served by CIB Financial Institutional Clients Large multinational Corporate Clients UK Corporate Clients # Clients ~2,400 ~1,500 ~11,000 Customer Profile Global/regional FIs including banks, insurers, hedge funds, asset managers Large and multinational corporates Domestic and smaller UK Corporates with sophisticated needs Client Proposition Debt Financing Lending, DCM & Advisory solutions Sales & Trading across multi-assets (FX, Rates, Credit) Transaction services (Payments, Trade Finance & Cash management) Desk/product driven Debt Financing Lending, DCM & Advisory solutions Risk Management solutions rates and FX hedging, etc. Transaction services (Payments, Trade Finance & Cash management) Relationship/product driven Less complex end of the product range offered to CIB corporates: Debt financing Risk management Transaction services Relationship/product driven 6

8 2. Defending and strengthening the CIB client franchise CIB has deep relationships with UK and European large Corporates Important Relationship (%) Bank 9 UK Large Corporate Banking Bank 7 Bank 8 Bank 6 Bank 5 Bank 4 Bank 3 Bank 2 Bank Greenwich Quality Index - Overall Relationship Quality (Difference from average) RBS Important Relationship (%) Europe Top-Tier Large Corporate Banking Bank 9 Bank 8 Bank 7 Bank 6 Bank 5 Bank 4 RBS Bank 3 Bank 2 Bank Greenwich Quality Index - Overall Relationship Quality (Difference from average) 2014 Greenwich Share & Quality Leader UK: #1 in Large Corporate Banking market penetration Quality leader in Large Corporate Banking #1 in Large Corporate cash management market penetration European Top-Tier: #4 in Large Corporate Banking market penetration #4 (tied) in Large Corporate cash management market penetration Note: 1. Source is Greenwich Associates, 2013 European Large Corporate Banking and Cash Management Study. 2. The Greenwich Quality Index score is based upon a normalised composite of all qualitative evaluations transformed to a scale of 0 to 1,000 with the difference from the average shown. 3. Important Relationship score is based upon the % of clients who cited the bank as an important relationship. Top-tier companies include those with revenue and/or market capital in excess of 2.0 billion and larger foreign subsidiaries. 7

9 2. Defending and strengthening the CIB client franchise Increasing focus on understanding our client needs to improve service Improving client service As part of our commitment to make RBS a truly customer-centric bank, we are working to understand and improve clients perception of our customer service. For example: Client satisfaction targeting and tracking: Renewed our client satisfaction targets and brought tracking to the forefront of business performance discussions Responding to client feedback: Redeveloped and reinvigorated our approach to responding to customer feedback and customer surveys Each report to be reviewed by CIB Client Committee to develop management actions for good practice and identify areas of improvement, with systematic tracking and follow-up Business strengths Good innovative sales coverage teams who understand customers well Salespeople give excellent service Good research Emerging insights Ahead of peers in terms of advisory capabilities Areas for improvement Providing solutions to meet client needs rather than being product driven Simpler product offering and delivery Need to achieve more with limited resources now available Competitive pricing and deeper relationships 8

10 3. Go-forward financial profile High level financial profile for the CIB business 2013 Q Steady State Target ( ) RWA as % of Group (excluding US R&C, RCR, Centre) 51% 47% 35% Operating Profit as % of Group 29% 29% 20% RoE 4% 7% 7-8% ~ 10% (reflects Markets seasonality) (2016/17 medium term-target) Note: Corporate and Institutional Banking includes large multinational corporates and financial institutions Estimated RoEs based on RWA equivalents (RWAs including capital and other deductions (e.g. pension fund)) and based on a target 12% CT1 ratio 9

11 4. Next steps & timelines CIB strategic priorities set and implementation programme under way to deliver a sustainable business model Strategic Priorities Extend market leadership with UK large corporates Integration objectives 1 Deliver integrated CIB organisation Timeline Improve connectivity across the global network 2 Design a sustainable business model By end H1 Initiate phased reduction of US balance sheet and drive better utilisation of the APAC network 3 Develop financial plan Deliver next phase of Markets plan, continuing to focus offering on areas of strength and competitive advantage 4 Maintain focus on risk and control Improve allocation of capital to target customer segments and improve risk adjusted returns 5 People and culture Ongoing Continue to drive efficiencies in operating model and accelerate cost reductions 6 Stakeholder and programme management 10

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