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65046 the Royal Bank of Scotland International Company Registered Number: 65046 THE ROYAL BANK OF SCOTLAND INTERNATIONAL (HOLDINGS) LIMITED ANNUAL REPORT AND ACCOUNTS 31 December 2020 Contents Page Board of directors and secretary 1 Report of the directors 2 Statement of directors’ responsibilities 6 Independent auditor’s report to the members of the Royal Bank of Scotland International (Holdings) Limited 7 Consolidated income statement for the year ended 31 December 2020 10 Consolidated statement of comprehensive income for the year ended 31 December 2020 11 Consolidated balance sheet as at 31 December 2020 12 Consolidated statement of changes in equity for the year ended 31 December 2020 13 Consolidated cash flow statement for the year ended 31 December 2020 14 Accounting policies 15 Notes to the accounts 21 Board of directors and secretary Chairman John Philip Ward Brewster Executive directors Andrew Martin McLaughlin Chief Executive Officer Lynn Ann Cleary Chief Financial Officer Non-executive directors Louis Philip Chetwynd Taylor (resigned 31 October 2020) Stuart Porteous Bruce Mark Cannon Gregory John Branch Christine Hilary Ashton (appointed 14 September 2020) Company Secretary Rachael Emma Pocklington (resigned 1 September 2020) Andrew Nicholson (appointed 1 September 2020) Auditor Ernst & Young LLP Castle Street St Helier Jersey JE1 1EY Registered office and Head office Royal Bank House 71 Bath Street St Helier Jersey JE4 8PJ The Royal Bank of Scotland International (Holdings) Limited Registered in Jersey, Channel Islands No. 65046 1 The Royal Bank of Scotland International (Holdings) Limited Annual Report and Accounts 2020 Report of the directors Presentation of information to thrive. The Group has identified three focus areas where it can make a meaningful contribution to its clients, colleagues The directors of The Royal Bank of Scotland International and communities; climate, enterprise and learning. (Holdings) Limited (the “Company”/“RBS International Holdings”) present their annual report, together with the With 2020 being dominated by the Coronavirus Disease 2019 audited financial statements of the Company and its (COVID-19) crisis, the Group has demonstrated our purpose- subsidiaries (together "the Group") for the year ended 31 led approach with its ongoing support of clients and the launch December 2020. The financial statements are prepared in of key sustainability initiatives. We continue to focus on accordance with International Financial Reporting Standards improving client satisfaction through fully understanding their as issued by the International Accounting Standards Board needs across the financial lifecycle. (IASB). The Group publishes its financial statements in the The Group worked closely with local governments to functional currency, pounds sterling (‘£’ or ‘sterling’) and all implement emergency policies to support local communities values are rounded to the nearest million pound, except when and businesses in light of COVID-19. It led the offshore otherwise indicated. The abbreviations ‘£m’ and ‘£bn’ banking sector in the creation of the loan Disruption Guarantee represent millions and thousands of millions of pounds sterling, Scheme (DGS), providing £858 million of loan facilities to respectively. financially support customers through forbearance, the DGS ACTIVITIES AND BUSINESS REVIEW and payment holidays in 2020. The Group’s priority during the coronavirus pandemic has been to look after the safety and Principal activities wellbeing of its clients and colleagues. The Group has created The Company is a holding company owning the entire issued a safe working environment for its colleagues through rigorous share capital of The Royal Bank of Scotland International health and safety procedures in its buildings and providing the Limited (“RBS International”/”RBSI”/the ”Bank”), as well as the right support for colleagues to work at home. With the majority other key companies forming the Group, including NatWest of colleagues now working from home the Group has provided Trustee and Depositary Services Limited (NWTDS) and RBS them with the technology they require to work effectively to International Funds Services SA (RBSI DS). continue to service its clients in addition to wellbeing support to help them in adapting to home working. The Group includes RBS International, one of the largest banks operating in the Channel Islands, Isle of Man and We build long-term partnerships, working collaboratively to Gibraltar with wholesale branches in Luxembourg and the UK. understand our customers’ needs and create tailored solutions It provides a comprehensive range of financial services to help them grow and prosper. Our relationship teams provide through its International Retail & Commercial Banking and insight and expertise in the sectors and locations where we Institutional Banking customer segments. International Retail & operate. Leading a digital transformation across the Commercial Banking provides loan and deposit products and communities we operate in and becoming a bank that is easy services to personal, private, business and commercial to deal with is the best way to fulfil our purpose to champion customers. Institutional Banking provides services to European potential. Our customers have shown an increased digital fund asset Managers, fund administrators and corporate adoption as behaviours and travel habits change. service providers. International Retail & Commercial Banking The directors do not anticipate any material change in the type There have been 26 releases of new features across Group’s or activities of the Company. personal digital channels; driven by customer feedback, supporting a 17% increase in users. Overall 68% Local The Group is a subsidiary of NatWest Group plc (‘NWG’) Banking customers are now registered with digital banking (renamed from The Royal Bank of Scotland Group plc on 22 which is an 8% increase on 2019. June 2020) which provides support and access to all central resources. The Group will leverage this relationship to NWG The Group has improved its service propositions for our Coutts and other subsidiaries to continue to improve on the quality Crown Dependencies clients with the introduction of payment and efficiency of the services and products provided. functionality and new deposit products. Copies of the annual report of NWG can be obtained from The Group has accelerated its digital transformation strategy in Corporate Governance and Regulatory Affairs, NatWest light of COVID-19 and is now meeting the increasing customer Gogarburn, Edinburgh EH12 1HQ, the Registrar of Companies demand for digital solutions. This change in customer or through the NWG website, www.natwestgroup.com. behaviour has also led the Group to consolidate the branch Business review network in local markets reducing the branch network to 8 in early January 2021. The Group’s purpose, which is aligned with NatWest Group, is to champion potential, helping people, families and businesses Performance Key metrics and ratios 2020 2019 Total Income £495m £608m Operating profit before tax £94m £351m Loans and advances to customers £13.3bn £14.1bn Customer deposits £31.3bn £30.0bn Loan to Deposit ratio 42% 47% Liquidity portfolio £18.9bn £15.7bn Risk Weighted Assets £7.3bn £6.6bn CET1 capital ratio 18.6% 19.2% T1 capital ratio 22.7% 23.7% Leverage ratio(1) 4.4% 4.3% Liquidity Coverage Ratio (LCR) 137% 137% Assets held in a fiduciary capacity £430bn £387bn Note: (1) As the company is not a regulated entity, the capital and liquidity metrics of the most material subsidiary are included, being the Royal Bank of Scotland International Limited. 2 The Royal Bank of Scotland International (Holdings) Limited Annual Report and Accounts 2020 Report of the directors Institutional Banking Through increased investment in the multi-currency banking The Group’s securities holdings of £5.4bn are highly liquid and platform, eQ, the Group has improved the digital experience comprised primarily of UK Gilts, German Bund and US for institutional customers. With 11 releases of new features in Treasuries. 2020, there have been multiple improvements and all users Assets held in a fiduciary capacity have moved to the new version of eQ, making sure everyone The Group holds assets under management which are not has the same great functionality and experience. In September included in its financial statements. This includes trustee and 2020 the Group has released its multi-currency platform for depositary services to Collective Investment Schemes (CIS), Corporate and Institutional banking clients on mobile. including Alternative Investment Funds (AIFs) and Financial performance in a challenging environment Undertakings for Collective Investment in Transferable The Group’s operating profit before tax was £94m compared Securities Directive (UCITS). Assets under Management are with an operating profit before tax of £351m in 2019, reflecting favourably impacted by new monies into funds and strong lower income and significantly higher impairment charges performance by some fund manager. primarily due to the current COVID-19 crisis and resulting Credit ratings uncertain economic conditions. RBS International which is the main subsidiary of the Company, has the following Credit Ratings at 31 December The Group’s financial performance is presented in the 2020: Consolidated Income Statement on page 10. These results demonstrate the resilience of our underlying business and the strength of our balance sheet in the face of significant S&P A- / A-2 (Negative) continued uncertainty.
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