NatWest Group $1.25 billion senior notes offering

Davis Polk advised NatWest Group plc, a public limited company incorporated under the laws of Scotland, in connection with its SEC-registered shelf takedown of $1.25 billion aggregate principal amount of 4.983% senior callable fixed-to-fixed reset rate notes due 2032.

NatWest Group is the holding company of a large banking and financial services group. It operates in the United Kingdom through a network of branches, local banks and non-bank subsidiaries, as well as in Europe, the United States and elsewhere. NatWest Group is one of the largest financial institutions in the United Kingdom, and the banks within NatWest Group authorized in the United Kingdom include National Westminster Bank Plc, Royal Bank of Scotland Plc, NatWest Markets Plc and Coutts & Company. NatWest Group is listed on the London Stock Exchange and New York Stock Exchange under ticker symbol “NWG.”

The Davis Polk corporate team included partner Reuven B. Young, counsel Maxim Van de moortel and associate Matt Meagher. The U.S. tax team included counsel Alon Gurfinkel and associate Ya Sheng Lin. Partner Dominic Foulkes and associate Patrick O’Donovan provided U.K. tax advice. Counsel John Taylor provided U.K. law advice. Counsel Mark Chalmers provided regulatory advice. Counsel Sarah E. Kim provided 1940 Act advice. Members of the Davis Polk team are based in the London and New York offices.