annual review financial statement 2011 · rbs international annual review and summary financial...

Annual Review and Summary Financial Statement 2011

www.rbsinternational.com

The RBS Group has three priorities, serving

its customers well, making RBS safe for all

who rely on it and rebuilding shareholder

value which will ultimately enable the UK

Government to sell down its stake and return

the RBS Group to standalone strength.

As a core business within the RBS Group,

RBS International has played it’s part in

supporting that recovery. We have continued

to deliver strong and stable profitability

underpinned by market leading customer

service.

Our Strong Financial Performance

Financial performance during 2011 has been very

positive with growth in Operating Profit, (excluding the

profit on disposal of securities) of 5% to £275m, which

is pleasing against the general economic slowdown

and Eurozone turmoil. Each of our customer facing

businesses, Retail Banking, International Personal

Banking, Corporate & Business Banking and

Treasury & Investor Solutions has increased operating

contribution again as they did in 2010. This improved

year on year performance represents the continuation

of a trend of strong and stable profitability over the last

few years despite the challenges of the financial crisis.

I am often asked why is it that RBS International has

enjoyed such stable profitability throughout this period

when other parts of the RBS Group and many other

banks have suffered significant set backs. There

are many parts to the answer but the major factors

include:-

1. Our business mix – with a customer deposit led

balance sheet.

2. Relatively low impairments – which reflects a stable

book of high quality international and institutional

lending.

3. Low impairments also reflect the relative stability

of our 4 main jurisdictions Jersey, Guernsey, Isle of

Man and Gibraltar where local economies, whilst

impacted by global events, have proven more

resilient, with lower rates of unemployment and

more settled house prices than many international

comparators. Any major banking business reflects

the economy which it serves and we are fortunate

our jurisdictions have a history of prudent fiscal

management with zero or very low public debt by

international standards.

4. Welcoming new customers and continually being

“open for business”.

CEO Statement for the Year End 2011

RBS International Annual Review and Summary Financial Statement 20112

We are fortunate to work with the legacy of prudent

balance sheet management over many years with

customer deposits more than four times our customer

lending. Our capital position remains strong with a

risk asset ratio of 13.8% as at Dec 2011 which is well

ahead of regulatory requirements.

Our Customer Focus

It is vital that we listen to our customers and meet or

exceed their expectations. For a number of years now

we have stood by three Customer Promises which go

to the very heart of the culture we aim to create within

RBS International i.e. one that is totally focussed on

delivering the high levels of service our customers

deserve and expect. These Customer Promises are:

I listen, understand and respond to your needs

I do what I say

I act where problems arise

We continually seek feedback from our customers

in a range of ways including independent monthly

or quarterly external research across the different

business sectors. Together with our day to day contact

with our customers this information drives our service

agenda and helps us to keep improving our ability

to meet our customer needs. We are grateful to our

customers for their feedback and their loyalty.

A priority in 2011 has been finding ways to make

it easier for our customers to do business with us.

With the rapid development of mobile and online

technology we have worked hard to develop these

channels. We were the first offshore bank to launch an

iPhone app for personal customers and our leading

edge eQ online banking system for Corporate and

Institutional clients now offers fully integrated foreign

exchange dealing facilities.

We recently announced plans to cease offering a

Personal Banking service in the RBS International

brand. For a number of years the business has offered

personal banking in Jersey, Guernsey and the Isle

of Man under two brands RBS International and

NatWest. Whilst we have maintained both brands there

has been greater development under the NatWest

brand. In order to meet the needs of all our customers

and provide the enhanced range of products and

services we have recognised that to do so in both

brands in our local islands would not be the best use

of resources. Therefore, over the next 18 months, all

personal customers of RBS International will be invited

to transfer to NatWest. We will work hard to minimise

any inconvenience this may cause. RBS International

will remain as a leading brand for our Corporate

Banking and Treasury business.

Our Community

Living our Promises and Customer Focus have

become culturally embedded in RBS International,

the benefits are measured not just externally but

internally through our Staff Feedback surveys. In our

latest 2011 survey these areas rate extremely highly

amongst staff as does support for the communities

in which we live and work. We are very proud of our

Corporate Sustainability and Community Investment

Programme and there is more information on this

on page 6. A significant highlight of 2011 was the

NatWest Island Games a huge event with over 3,000

island competitors held in the Isle of Wight in June. It

was a pleasure to welcome Lord Coe to open the week

long competition and have the Royal visit from the Earl

of Wessex over two days.

Building for the Future

As I look forward to the rest of 2012 there is clearly

much uncertainty in markets generally and a changing

global regulatory environment that will require our

attention. However I believe we are particularly well

placed as a profitable and balanced bank to continue

to help our customers, our stakeholders and our

communities to face whatever challenges the year will

bring. Together with the committed and motivated staff

I work with, whom I sincerely thank, I look ahead with

genuine optimism.

Chief Executive, RBS International

RBS International Annual Review and Summary Financial Statement 2011 3


RBS International Customer Promises

Our three Customer Promises are at the heart of

our culture and underpin everything that we strive to

do. Launched in October 2010, following extensive

consultation, they represent a real and tangible

service pledge to our customers. Every single

member of our staff, even those working behind the

scenes, is fully committed to them.

Throughout 2011, we built on and reinvigorated

the original Customer Promises campaign. During

National Customer Service Week in October it

embraced the concept of customer advocacy for the

first time, with Retail customers and their comments

about our performance against the Customer

Promises now featuring in branches across all

our jurisdictions, and on the websites for our three

brands. A refreshed internal campaign introduced

staff from back-office and support areas, underlining

the message that everyone has a role to play in

improving customer service.

Each year we commission a range of independent

customer surveys. In 2011 these included specific

new questions about our Customer Promises, with

very encouraging results. A third year of independent

internal surveys evaluated how well our constituent

areas service each other, and holding everyone to

account against the Customer Promises in this way

again proved a real success.

Our Customer Service Strategy received external

recognition. External recognition is an important

measure of how well we look after customers, and

we were particularly pleased to be shortlisted

as a finalist at the highly regarded UK Customer

Experience Awards in the Customer Experience –

International category.

One area where we are working hard to improve is

in resolving any issues that customers have with our

service. A very significant investment in complaint

handling included developing and delivering a new

training programme to teach staff how to handle

complaints professionally and consistently, resulting

in a demonstrably fair and prompt outcome for the

customer. By January 2012, we will have 750 fully

trained complaint handlers across all our brands

and jurisdictions.

2012 will see a continued focus on improving the

customer experience, to make it as easy as possible

for our customers to do business with us.


RBS International Innovation

Innovation can help make banking easier and more

accessible for customers, by enabling them to

manage their money at a time and place that suits

them. Offering a more rewarding banking experience

in this way strengthens our customers’ relationship

with us, encouraging them to look to us for their wider

financial needs.

Online and mobile personal banking

With accessibility and convenience in mind, we made

major improvements to our online banking services

and mobile banking channel. Existing customers can

now take out new banking products online in minutes,

while new customers can set them up to the point of

contract. As more people appreciate the benefits of

online banking, usage continues to rise and was up by

an impressive 30% in 2011.

With rapid growth in mobile ownership and expansion

of the 3G market, people are also demanding more

from their handsets. Customers familiar with the

advantages of text alerts and messaging warmly

welcomed the launch of our iPhone banking app, the

first from an offshore bank. This was closely followed

by an Android app, with a BlackBerry app to be

introduced shortly. As we listen to customer feedback,

our mobile service is expanding and we have already

added payments to the initial functionality of balance

information and transfers.

Another very popular innovation in 2011 was

Emergency Cash. This helpful service means that a

customer who loses a debit card can now take out

cash at any RBS Group ATM without their card, after

just one quick phone call to us.

eQ

In today’s complex markets, electronic banking and

services are essential to our many Corporate and

Institutional customers. After eQ was launched in

2001 it quickly became a leading offshore electronic

banking system, offering customers direct access

to their accounts and the ability to set up and make

payments online. In 2011, nearly 95% of all our

Corporate customers’ payments were made through

this fast and reliable service.

In consultation with these customers, we noted

a strong demand for eQ to be enhanced to offer

automated foreign exchange and Money Market

functionality. In response, an upgrade was developed

over 18 months and eQ’s new online foreign exchange

module launched in the final quarter of 2011. It

includes full training support and customer reaction

has been very positive. Additional direct Money Market

booking is already in development and the rollout is

planned for later in 2012.


At RBS International we believe our success is

linked to the strength of the communities in which

we do business. Working in smaller neighbourhoods

makes it even more important to be part of local

life. To maximise the impact of our community work,

we focus on five key areas – conservation and the

environment, money management, arts, education,

local sports and youth development. What matters

to our people matters to us, and supporting causes

in which they have a very personal interest helps us

to take on a more consistent and responsible role.

These are just some of our achievements in 2011.

Supporting community projects

An established employee volunteering programme

encourages our people to give something back to

their neighbourhoods in work time. Each member of

staff can take one day’s paid leave a year to support

a local charity or community project, and help deliver

the skills, services or fundraising that are needed.

In 2011, more than 420 employees worked hard to

make a difference across our local communities.

Projects included helping to prepare a National Trust

of Jersey site for opening, repainting railings at a

residential home in the Isle of Man and organising

a successful variety show in Gibraltar – while some

of our senior executives helped out at the Alderney

Wildlife Trust.

Making sense of money

Financial education is a key issue in all communities

and our MoneySense for Schools programme

is designed to increase financial capability and

financial inclusion for local young people.

RBS International’s commitment is evident from our

increasing support for this programme. Across all

offshore jurisdictions, staff partners helped to deliver

lessons at local primary and secondary schools,

reaching over 1,000 students during 2011.

Looking after the environment

We recognise the significant global threat posed

by climate change and other environmental

issues, so are committed to doing business in an

environmentally sustainable way. An established

programme of efficiency measures helps us to

minimise the impact of our operations and in

February we introduced six stretching targets in

areas including energy, water and waste.

RBS International Corporate Sustainability and Community Investment

The results of our efforts are being recognised and,

as well as retaining Eco Active Level Two status in

Jersey, we are well on our way to receiving the Keep

Guernsey Green accreditation for the work being

done there.

Besides reducing our environmental footprint at work,

we also support local environmental or conservation

organisations through sponsorship or community

projects. In the UN’s International Year of Forests

2011, teams of staff volunteers worked with the

Isle of Man Woodland Trust, Jersey Trees for Life

and Guernsey Men of the Trees, planting trees and

clearing the overgrowth from young saplings.

The National Trust Jersey

IOM Woodland Trust


RBS International Corporate Sustainability and Community Investment

Sport and young people

Our sponsorship programme supports sport and

youth development at all levels, throughout our

offshore jurisdictions. It includes RBS International

Rugby, NatWest Table Tennis, and NatWest Cricket in

Jersey, Gibraltar and the Isle of Man.

The programme’s flagship is the NatWest Island

Games. Seen as a bridge between sport at local and

international level, it has earned a reputation as ‘the

friendly games’. We also provide an annual grant

to the NatWest Island Games Sports Development

Scheme, which funds coaching, training and youth

development within the member islands.

The 2011 NatWest Island Games was a great

success. Held in the Isle of Wight from 25 June to

1 July, this major multi-sport event was the largest

to date, with over 3,500 competitors and officials.

NatWest has been the title sponsor since January

1998 and the event continues to be highly successful

in terms of community involvement and brand

awareness. Our sponsorship of the International

Island Games Association and the NatWest Island

Games will run for a further four years, with Bermuda

hosting in 2013 and Jersey in 2015.

NatWest Island Games XIV Isle of Wight

Get Your Hands Dirty Isle of Man

NatWest Island Games XIV Isle of Wight

Structure and Summary

Financial Statement

10 RBS International Structure

12 Summary Financial Results

10 RBS International Annual Review and Summary Financial Statement 2011

RBS International Structure

What is RBS International?

RBS International is a large and dynamic financial

services group.

As one of the world’s leading offshore banks, RBS

International offers a full range of core and specialist

banking services for local, personal and business

customers, as well as commercial, corporate, financial

intermediary and international personal customers.

We operate under three distinct and powerful brands,

RBS International, NatWest and Isle of Man Bank – our

sister company and a wholly owned subsidiary of

The Royal Bank of Scotland International (Holdings)

Limited. Headquartered in Jersey, with a presence

in a number of the world’s leading offshore financial

centres, we have our own board of directors and

management team.

Each of our businesses has close working links with

its counterpart in our parent company, The Royal Bank

of Scotland (RBS) Group. This enables us to take

advantage of the strength, knowledge, expertise,

scale and reach of the RBS Group for the benefit of

all our customers. Our diversity and relatively small

size give us a unique opportunity to be innovative and

clearly differentiate ourselves from our peers.

Our services

Retail Banking

Serves the everyday banking needs of the

communities in which we operate. Each of our distinct

brands, RBS International, NatWest and Isle of Man

Bank, offers the full range of banking services that

you would expect from a leading high street bank,

including current accounts, savings accounts,

packaged accounts, credit cards, overdrafts, loans,

mortgages, insurance products and investment

advice.

Premium Banking

A very different, highly personalised service for our

local clients in Jersey, Guernsey, Isle of Man and

Gibraltar. Customers benefit from direct contact

with their own dedicated relationship manager. This

relationship enables us to understand their needs and

tailor the service to meet their personal requirements.

Customers can enjoy the full benefits of Premium

Banking under the NatWest and Isle of Man Bank

brands.

International Personal Banking (IPB)

Offers a full range of banking and related financial

services to personal customers who live and work

internationally. The main customer sectors include

British expatriates, foreign nationals who live and

work in the UK and truly international customers,

for example a French domiciled individual living in

Spain. IPB services are delivered in the NatWest brand.

Business Services

Business Services are the backbone of RBS

International, providing a diverse range of high quality

services to the customer-facing operations of the

Group, 365 days a year, 24 hours a day. This area is

made up of four specialist sections: RBS International

technology, property services, procurement, contract

management and operations.

Corporate Banking

Offers a full range of banking services to businesses,

corporate clients and financial institutions. Every

client benefits from their own dedicated, professional

and experienced relationship manager, who works in

partnership with specialist teams across the Bank to

deliver tailored solutions. Cash management services

are underpinned by eQ, which continues to go from

strength to strength, with further developments

planned for 2012.


each jurisdiction, TIS works with clients to service

their underlying financial needs, tailoring innovative

financial solutions to meet their requirements and

reflect their views and risk strategy.

Treasury and Investor Solutions (TIS)

Supported by RBS Group’s Markets and International

Banking division, TIS provides treasury and risk

management services spanning foreign exchange,

interest rate derivatives and structured investor

products. With locally based, specialist teams in

Adrian Gill

Chief Executive, RBS International

Steve Camm

Managing Director Retail & International

Personal Banking

Ian Goddard

Head of Technology

Chris Nicol

Head of Legal

Lynn Cleary

Finance Director

Mike Gray

Regional Managing Director Corporate

Banking

Steve Scott

HR Director

Stuart Young

Chief Risk Officer

Jerry Whitsey

Head of Products and Marketing

Tracy Burns

Head of Business Services

Executive Committee Offshore (ECO)

Bill Shimmins

Island Director (Isle of Man)

Marvin Cartwright

Country Head (Gibraltar)

Robert Girard

Island Director (Guernsey)

Stephen Reilly

Managing Director,

Treasury & Investor Solutions

Victoria McEneaney

Head of Strategy and Change

RBS International

Summary

Financial Statement

The information contained within this summary

financial statement is taken from the company’s annual

accounts and directors’ report and has been prepared

in accordance with the requirements of the Banking

Business (Jersey) Law 1991. Additional information

to allow for a full understanding of the results and

state of affairs of the Company has been submitted

to the Jersey Financial Services Commission, as

required by the Banking Business (Jersey) Law 1991.

In accordance with the Banking Business (General

Provisions) (Jersey) Order 2002, The Royal Bank of

Scotland International Limited has decided to adopt

the summarised form of accounts.

Copies of the accounts of The Royal Bank of Scotland

International Limited are available on request.

DIRECTORS

Adrian Gill

Michael Morley

Stephen Camm

Philip Taylor

Stephen Reilly

Lynn Cleary

SECRETARY

Christopher Ian Nicol

REGISTERED OFFICE

Royal Bank House

71 Bath Street

St Helier

Jersey

JE4 8PJ

Channel Islands


INDEPENDENT AUDITOR’S STATEMENT

TO THE MEMBERS OF THE ROYAL BANK

OF SCOTLAND INTERNATIONAL LIMITED

We have examined the summary financial statement for

the year ended 31 December 2011 which comprises

the Summary Income Statement, Summary Statement

of Financial Position and related notes 1 to 5.

This report is made solely to the company’s members,

as a body, in accordance with the Banking Business

(General Provisions) (Jersey) Order 2002. Our work

has been undertaken so that we might state to the

company’s members those matters we are required

to state to them in an auditor’s report and for no other

purpose. To the fullest extent permitted by law, we do

not accept or assume responsibility to anyone other

than the company and the company’s members as

a body, for our audit work, for this report, for our audit

report, or for the opinions we have formed.

Respective responsibilities of directors

and auditors.

The directors are responsible for preparing the Annual

Review and Summary Financial Statement 2011 in

accordance with applicable Jersey law.

Our responsibility is to report to you our opinion on the

consistency of the summary financial statement within

the Annual Review and Summary Financial Statement

2011 with the full annual report and accounts and

its compliance with the relevant requirements of the

Banking Business (General Provisions) (Jersey) Order

2002 and the regulations made thereunder.

We also read the other information contained in the

Annual Review and Summary Financial Statement 2011

as described in the contents section, and consider the

implications for our report if we become aware of any

apparent misstatements or material inconsistencies

with the summary financial statement.

We conducted our work in accordance with Bulletin

2008/3 issued by the Auditing Practices Board.

Our report on the company’s full annual financial

statements describes the basis of our opinion on those

financial statements.

Opinion

In our opinion, the summary financial statement is

consistent with the full annual report and accounts of

The Royal Bank of Scotland International Limited for

the year ended 31 December 2011 and complies with

the applicable requirements of the Banking Business

(General Provisions) (Jersey) Order 2002, and the

regulations made thereunder.

We have not considered the effects of any events

between the date on which we signed our report on

the full annual financial statements, 21 February 2012,

and the date of this statement.

Deloitte LLP

Chartered Accountants

St Helier, Jersey

8th June 2012



RBS International Financial Results

Summary Income Statement 2011 2010 £’000s £’000s

Operating profit before management charge (“Operating contribution”) 351,631 262,875

Management charge (70,283) (116,803)

Profit before tax 281,348 146,072

Tax (14,155) (21,733)

Profit for the year 267,193 124,339

Operating contribution includes profit on disposal of securities of £76,777,000 (2010: nil).

The company’s results as reported are on a historical cost basis except for derivative financial instruments and

available-for-sale financial assets which are stated at fair value.

Summary Statement of Financial Position as at 31 December 2011 2011 2010 Assets Notes £’000s £’000s

Cash and balances at central banks 39,476 39,297

Non-current assets classified as held for sale 56,669

Loans and advances to banks 1 20,668,086 19,810,059

Loans and advances to customers 4,639,847 5,185,867

Debt securities 1,488 380,365

Equity shares 10 10

Derivatives at fair value 32,944 38,748

Deferred tax assets 3,729 3,811

Other assets, prepayments and accrued income 5,103 13,056

Investment in subsidiary companies 12 12

Property, plant and equipment 61,677 72,059

Total assets 25,509,041 25,543,284

Liabilities

Deposits by banks 1,086,869 1,628,611

Customer accounts 22,434,919 22,043,497

Derivatives at fair value 38,048 41,874

Other liabilities, accruals and deferred income 37,082 146,145

Current taxation liabilities 16,685 20,594

Retirement benefit liabilities 43,358 21,262

Subordinated liabilities 225,000 225,000

Total liabilities 23,881,961 24,126,983

Equity

Called up share capital 2 96,540 96,540

Reserves 3 1,530,540 1,319,761

Total equity 3 1,627,080 1,416,301

Total liabilities and equity 25,509,041 25,543,284

The accounts were approved by the Board of Directors on 21 February 2012 and signed on its behalf by

Adrian Gill and Lynn Cleary.

The notes on pages 15 to 16 form part of the summary financial statement.


RBS International Notes to the Summary Accounts

1. Loans and advances to banks 2011 2010

£’000s £’000s

Designated as at fair value through profit or loss 1,203,760 1,239,829

Loans and receivables 19,464,326 18,570,230

20,668,086 19,810,059

Amounts above include:

Amounts due from Group banking companies 20,658,260 19,798,713

Designated as at fair value through profit or loss:

Certain equity-linked products totalling £1,203,760,000 (2010: £1,239,829,000) before fair value adjustments

had been designated as at fair value through profit or loss. The carrying value of financial assets recorded in the

financial statements, which is net of impairment losses, represent the Company’s maximum exposure to credit risk.

2. Called up share capital Allotted, called up Allotted, called up Authorised Authorised

and fully paid and fully paid

31 December 31 December 31 December 31 December

2011 2010 2011 2010

£’000s £’000s £’000s £’000s

Equity shares

Ordinary shares of £1 96,540 96,540 300,000 300,000

The issued share capital of the Company comprises one class of equity share, each share being entitled to one

vote, and they have all been issued to the holding company, The Royal Bank of Scotland International (Holdings)

Limited, and its nominee.

Ultimate controlling party

The Royal Bank of Scotland International Limited is a wholly owned subsidiary of The Royal Bank of Scotland

International (Holdings) Limited which is itself an indirect wholly owned subsidiary of The Royal Bank of Scotland

Group plc which is registered in Scotland and which the Directors regard as the ultimate holding and controlling

parent company.

On 1 December 2008, the UK Government through HM Treasury acquired a controlling shareholding in The

Royal Bank of Scotland Group plc. The UK Government shareholdings in banks are managed by UK Financial

Investments Limited, a company wholly-owned by the UK Government.


3. Reserves and total equity 2011 2010

Share premium account £’000s £’000s

At 1 January and 31 December 4,976 4,976

Available-for-sale reserves

At 1 January 35,759 ,629

Unrealised (losses)/gains in the year (35,759) 35,130

At 31 December – 35,759

Retained earnings

At 1 January 1,279,026 1,222,957

Profit attributable to ordinary shareholders 267,193 124,339

Actuarial losses recognised in post-retirement benefit schemes (20,655) (13,270)

Dividend paid - (55,000)

At 31 December 1,525,564 1,279,026

Total reserves 1,530,540 1,319,761

Called up share capital 96,540 96,540

Closing total equity 1,627,080 1,416,301

4. Commitments and contingencies

Contingent Liabilities

Various 215,830 213,504

Commitments

Undrawn formal standby facilities, credit lines and other commitments to lend 2,199,618 1,840,450

The Company does not undertake any speculative trading activity in derivatives. Derivative contracts are used to manage

market risks inherent in certain activities undertaken by the Company. All the Company’s derivative activity is contracted with

financial institutions and all the associated credit risks are monitored in accordance with RBS Group policies.

5. Regulatory information

31 December 31 December

Share premium account 2011 2010

Risk Asset Ratio 13.8% 15.6%

Credit Rating

Long term Issuer Default Rating (IDR) A AA-

Short term Issuer Default Rating (IDR) F1 F1+

RBS International’s ratings are the same as those assigned to its ultimate parent, The Royal Bank of Scotland plc (RBS).

On 13 October 2011 Fitch Ratings downgraded the credit ratings of a number of UK banks, resulting in the long term and short

term IDR of RBS being changed to A and F1 respectively.


Important addresses

The Royal Bank of Scotland International Limited

Registered Office

The Royal Bank of Scotland International Limited (RBS International). Registered Office: P.O. Box 64, Royal Bank House,

71 Bath Street, St. Helier, Jersey JE4 8PJ. Regulated by the Jersey Financial Services Commission.

Guernsey

Guernsey business address: P.O. Box 62, Royal Bank Place, 1 Glategny Esplanade, St. Peter Port, Guernsey, GY1 4BQ.

Regulated by the Guernsey Financial Services Commission and licensed under the Banking Supervision (Bailiwick of

Guernsey) Law, 1994, as amended, the Insurance Managers and Insurance Intermediaries (Bailiwick of Guernsey) Law,

2002, and the Protection of Investors (Bailiwick of Guernsey) Law, 1987, as amended.

Isle of Man

Isle of Man business address: Royal Bank House, 2 Victoria Street, Douglas, Isle of Man IM99 1NJ. Licensed by the

Financial Supervision Commission of the Isle of Man and registered with the Insurance and Pensions Authority in respect of

general business.

Gibraltar

NatWest is the registered business name of The Royal Bank of Scotland International Limited under the Business Names

Registration Act. Gibraltar business address: National Westminster House, PO Box 707, 57 Line Wall Road, Gibraltar.

Regulated and authorised by the Financial Services Commission, Gibraltar to undertake Banking and Investment Business

from 57 and 55 Line Wall Road and 1 Corral Road, Gibraltar

Website

www.rbsinternational.com

The Royal Bank of Scotland International Ltd

PO Box 64

Royal Bank House

71 Bath Street

St. Helier

Jersey

JE4 8PJ

RBSI 493 Jun 2012 N5012 02/12

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