Professional Documents
Culture Documents
rbsinternational.com
Chief Executive’s Statement
Strength in adversity
The publication of our 2008 Annual
Despite a slowdown in business in the last quarter of
Review is set amidst unprecedented 2008, income, profit and customer numbers increased
turbulence in banking and other to record levels in every market sector in which we
operate.
financial markets with deteriorating
economic conditions around the world. Operating Profit rose to £304m, up 38% on 2007 with
The Royal Bank of Scotland Group, income increasing by 30% on 2007.
along with many other international Our business has been on a growth path for a number
financial institutions, has seen of years. Record results don’t happen by chance. They
financial results reflect the economic demonstrate that we’ve built a healthy and efficient
business, which operates across a stable range of
circumstances we all face. sectors and enjoys a strong customer base.
To strengthen our business resilience, we have already Last year was undeniably tough and RBS
completed internal reviews to provide improved lines International’s success during this difficult period
of responsibility and decision making to bring new should be taken in context. Our excellent results
services and products to market quicker. We have were built upon shrewd business management and
and will continue to listen to market demand, with a delivering the highest customer service levels. For the
consistent business ethos to deliver the high levels of future, we must redouble our efforts in all these core
service our customer base has been built upon. areas and maintain what is still a strong, ethical and
responsible business.
Our people, customers and communities
Our customers rightly demand service excellence
and it is through the efforts of our people in our
communities that this will continue to be delivered.
70 68 91
69
89.6 89.7
65 89.4
64 65 65 90
65
88.6 88.8
89
60
88.1
60 88 87.2
59
87.1 86.5
55 87
55
86
50 85
Reporting Reporting
Q1 2007 Q2 2007 Q3 2007 Q4 2007 Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q1 2007 Q2 2007 Q3 2007 Q4 2007 Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009
Level Level
Workplace Workout in RBS International The 275 staff involved in 2008 have created
Workplace Workout is designed to allow staff to look at efficiencies which have resulted in over £500,000
the processes they use on a daily basis and, as part of worth of savings.
a team, develop ideas to improve them.
All areas of our organisation are involved in Workplace
There is a great deal of empowerment and ownership. Workout. This includes our “back office” support
From staff feedback surveys, those who have been teams including Operations, Technology, Legal &
involved in a Workplace Workout are around 10% more Risk teams, Planning & Delivery, Human Resources,
engaged than those who have not. Finance and Products & Marketing. Very much a
team effort which allows everyone to work towards a
common goal.
Each of our businesses has close working links with IPB services are delivered in both the RBS
its counterpart in our parent company, The Royal Bank International and NatWest brands.
of Scotland Group. This gives us the ability to leverage
the strength, knowledge, expertise, scale and reach of RBS Coutts
the RBS Group for the benefit of all our customers. One of the most respected and historical names in
international private banking, RBS Coutts provides
Our diverse but relatively small overall size gives us a worldwide client base with a sophisticated and
a unique opportunity to be innovative and clearly individual wealth management service.
differentiate ourselves from our peers. Collaboration
between divisions to unlock best practice and With over 40 years of experience in offshore business,
ideas from one business area and apply them in an RBS Coutts through RBS International has a presence
innovative way to another group of customers sets us in Jersey and the Isle of Man. From these centres
apart from many of our competitors. we can arrange to provide our clients with trust and
fiduciary services as well as a broader range of wealth
management.
Manufacturing
Manufacturing make it happen 365 days a year, 24 the Group. It is made up of four specialist sections:
hours a day, for our customers. It is the backbone of RBS International Technology; Group Property; Group
RBS International, providing a diverse range of high Purchasing and RBS International Operations.
quality services to the customer-facing operations of
Ian Henderson
Chief Executive
RBS International
Director
Head of Technology Treasury & Investor Solutions
DIRECTORS
Ian Arthur HENDERSON
Adrian John GILL
Lynn Ann CLEARY
James Leonard MORRIS
William Paul BEAUMONT
James William FLEMING
Steven Bruce MATTHEWS
SECRETARY
Christopher Ian Nicol
REGISTERED OFFICE
Royal Bank House
71 Bath Street
St Helier
RBS International Jersey
JE4 8PJ
Summary Channel Islands
Financial Statement
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 the fair value.
The accounts were approved by the Board of Directors on 23rd March 2009 and signed on its behalf by Ian
Henderson and Lynn Cleary
19,574,041 23,205,881
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 has announced that its shareholdings in banks will be
managed by UK Financial Investments Limited, a company wholly-owned by the UK Government.
The whole of the issued share capital of the Company comprises one class of equity share, each share being
entitled to one vote, and it has been issued to the holding company, The Royal Bank of Scotland International
(Holdings) Limited, and its nominee.
Available-for-sale reserves
At 1 January (3,421) -
Unrealised losses in the year (1,740) (3,421)
At 31 December (5,161) (3,421)
Retained earnings
At 1 January 1,059,864 906,728
Profit attributable to ordinary shareholders 115,106 100,661
Actuarial gains recognised in post-retirement benefit schemes 8,708 30,032
Merger in period - 22,443
At 31 December 1,183,678 1,059,864
5. Regulatory information
2008 2007
On 13 November 2008 Fitch Ratings assigned the Company a Long-term Issuer Default rating (IDR) of ‘AA-’
(AA minus) with Stable Outlook and a Short-term IDR of ‘F1+’. RBS International’s ratings are the same as those
assigned to its parent, The Royal Bank of Scotland plc (RBS). The ratings of RBS International reflect RBS’s
ownership, the alignment of risk management procedures and operating platforms with RBS, and the close
alignment of RBS International’s activities with those of the RBS Group’s core UK bank.
Registered Office
P.O. Box 64, Royal Bank House, 71 Bath Street, St. Helier, Jersey, JE4 8PJ. Regulated by the Jersey Financial Services
Commission for carrying on deposit-taking business under the Banking Business (Jersey) Law 1991 and for carrying on
investment and insurance business under the Financial Services (Jersey) Law 1998.
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
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 to take deposits and carry on investment business and registered with the Insurance and
Pensions Authority in respect of general business.
Gibraltar
The Royal Bank of Scotland International (RBS International) is the registered business name of The Royal Bank of Scotland
(Gibraltar) Limited (RBS Gibraltar) under the Business Names Registration Act. Registered office: PO Box 766, 1 Corral Road,
Gibraltar. Registration No 32094. Licensed under the Gibraltar Financial Services (Banking) Act 1992, as amended and the
Gibraltar Financial Services (Investment and Fiduciary) Act 1989, as amended (Licence No. FSC 00159B).
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 Aug 2009
N4314 06/09