Davis Polk advised The Royal Bank of Scotland Group plc, a public limited company incorporated under the laws of Scotland, in connection with its SEC-registered shelf takedown of $1.5 billion aggregate principal amount of 3.498% fixed-rate/floating-rate senior notes due 2023 and $1.5 billion aggregate principal amount of floating-rate senior notes due 2023.

RBSG is the holding company of a large banking and financial services group. Headquartered in Edinburgh, RBSG operates in the United Kingdom and internationally through its two principal subsidiaries, The Royal Bank of Scotland plc and National Westminster Bank Plc. Both RBS and NatWest are major U.K. clearing banks. RBSG has a diversified customer base and provides a wide range of products and services to personal, commercial and large corporate and institutional customers.

The Davis Polk corporate team included partner Reuven B. Young and associates Elisabeth Milan and Maxim Van de moortel. The U.S. tax team included partner John D. Paton and associate Kelli A. Rivers. Partner Jonathan Cooklin and counsel David Wilson provided U.K. tax advice. Partner Gregory S. Rowland and associate Colleen Blanco provided 1940 Act advice. Members of the Davis Polk team are based in the London and New York offices.

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