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Natwest Markets N.V. Annual Report and Accounts 2018

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Natwest Markets N.V. Annual Report and Accounts 2018 NatWest Markets N.V. Annual Report and Accounts 2018 Annual report and accounts Page Chairman's statement 1 Financial review Presentation of information 2 Description of business 2 Summary consolidated income statement 3 Consolidated balance sheet 4 Capital and risk management 7 Corporate governance 34 Financial statements Consolidated income statement 42 Consolidated statement of comprehensive income 42 Consolidated balance sheet 43 Consolidated statement of changes in equity 44 Consolidated cash flow statement 45 Accounting policies 46 Notes on the consolidated accounts 51 Company financial statements NatWest Markets N.V. (Parent Company) 75 Other information 87 Additional information 92 NatWest Markets N.V. Annual Report and Accounts 2018 Chairman’s statement In 2018 NatWest Markets N.V. (the Group) successfully repurposed its Results of operations in 2018 banking licence by obtaining a Declaration of No Objection (the ‘DNO’) Operating profit before tax was €409 million compared with a loss from De Nederlandsche Bank (DNB) allowing it to begin new business before tax of €115 million in 2017. Total income increased and activity and book go-forward customer business. This will minimise expenses decreased in line with the business wind-down and work disruption to the RBS Group business and allow it to continue to serve carried out in relation to the re-purposing of the banking licence. The customers in the context of the UK's departure from the EU. Group’s 2018 results included foreign exchange losses reported in Substantial work was completed on entity re-purposing in 2018 with income of €19 million compared with €163 million in 2017, following the business moving into new premises in Amsterdam and staffing the repatriation of the proceeds from the disposal of foreign changes to support customer-facing staff. operations. Income in 2018 also included €46 million received in respect of a distribution to successful plaintiffs in the Madoff related As part of preparing the entity to begin booking customer business, class action and insurance recoveries of €248 million. Non-interest changes have been made to both the Managing and Supervisory income included a €70 million termination fee relating to termination Boards. The Managing Board has expanded from two to four costs on the closure of a deal, and insurance recoveries of €248 members, with the addition of the Chief Risk Officer and Chief million. Operating expenses were €22 million compared with €57 Operating Officer in the first quarter of 2019. million in 2017. We have successfully opened branches in six European countries to Total assets reduced to €5.3 billion at the end of 2018 compared with ensure we are in close proximity to our customers in their markets. On €6.1 billion at the end of 2017 as a result of continued work and focus 1 March 2019 we welcomed over fifty Corporate Coverage staff from to decrease the NWM N.V. legacy assets and liabilities. In 2018 the NatWest Plc into the Group. Group did not originate new transactions with clients. During Q1 2019, Robert Begbie and Chris Campbell have stepped Assets of disposal groups were €1,317 million (2017 - nil), relating to down from the Supervisory Board and have been succeeded by the Alawwal Bank business. The Group accounted for its interest in Richard Place, CFO, NWM Plc, and Annelies van der Pauw, Alawwal Bank as an associate up to 31 December 2018, at which independent member. In addition, a third independent member, Anne point it concluded that Alawwal Bank met the IFRS criteria to be Snel, has been appointed to the Supervisory Board. I am pleased that reclassified as held for disposal. Accordingly, the interest in associate NatWest Markets N.V continues to lead on the diversity agenda with a in relation to Alawwal Bank is classified as a disposal group at 31 gender-balanced Supervisory Board. Myself and the rest of the December 2018. executive management of the Group are looking forward to working with them. In addition, Marije Elkenbracht joined the Managing Board Alawwal Bank as Chief Risk Officer on 15 February 2019 and Angelique Slach joined The Company has a 40% interest in the equity of Alawwal Bank which as Chief Operating Officer on 25 March 2019. is incorporated and operates in the Kingdom of Saudi Arabia. On 25 April 2017 Alawwal Bank announced the start of merger discussions NatWest Markets N.V. began transacting new business on 25 March with Saudi British Bank (SABB). Alawwal Bank is the last significant 2019 and this will ensure that the RBS Group’s NatWest Markets shared asset of the RFS Holding Consortium. On 4 October 2018, they business can continue to serve its customers when the UK leaves the announced that terms had been agreed and that they anticipate being EU. able to complete the transaction in H1 2019. Under the current terms of the transaction, the current interest in associate would be replaced As a result of this new business, €6.2 billion of assets and €6.6 billion by a 10.8% investment in the newly merged entity which would no of liabilities were transferred from NWM Plc over the weekend of 23/24 longer qualify to be accounted for as an associate. Refer to Note 13 on March 2019 ahead of commencement of business. Further transfers the consolidated accounts for further details. will follow both in Q2 2019 and beyond, but the continuing uncertainty about the final Brexit outcome does create some uncertainly about the Capital and RWA exact scope of business that will move to NWM N.V. and the timings of The Group continues to be well capitalised. Total equity as at 31 all client migrations. December 2018 was €3.2 billion, an increase of €0.3 billion compared with 31 December 2017. At 31 December 2018, the Group’s Total NatWest Markets N.V. is planned to be a well-capitalised entity with capital ratio was 32.6% with Common Equity Tier 1 (CET1) and Tier 1 strong levels of loss absorbency and support from its parent, including ratios of 31.4%. The Group’s total risk-weighted assets were €8.8 down-streamed internal MREL and intra-group funding from NatWest billion at 31 December 2018 (2017 - €11.1 billion) of which €6.5 billion Markets Plc. NatWest Markets N.V. plans to manage towards similar (2017 - €7.4 billion) related to Alawwal Bank, which is proportionally profiles for capital and balance sheet metrics as are being targeted for consolidated due to the Group’s 40% equity participation. Current RBS Group’s NatWest Markets business as a whole. year’s profit, which has not yet been approved, is not reflected in the 2018 Capital ratios. The table below provides the current and expected profile of NatWest Markets N.V.: On behalf of the Managing Board, I would like to thank all employees who have worked tirelessly to support the re-purposing of the banking 2020 licence and to prepare the business to begin new customer activity Current expected from 25 March 2019 and Mr Begbie and Mr Campbell for their service profile profile as Supervisory Board members. CET1 31.4% c. 15% Total capital 32.6% >28% RWA €8.8bn ~€9bn Funded assets (2) €4.6bn ~€16bn As of 1 January 2017, the Group is classified as a ‘Less Significant Harm Bots Institution’. Consequently, De Nederlandsche Bank (DNB) has Chairman of the Managing Board of NatWest Markets N.V. continued as the primary regulator for the Group. Amsterdam, 18 April 2019 Notes: (1) The targets, expectations and trends discussed in this section represent management’s current expectations and are subject to change. (2) Funded assets are total assets less derivative mark to market and intergroup assets. NatWest Markets N.V. Annual Report and Accounts 2018 1 Financial review Presentation of information Description of business In the Report and Accounts and unless specified otherwise, the term Introduction ‘bank’ means NatWest Markets N.V. (formerly The Royal Bank of The main businesses of NWM N.V., a licensed bank, are lending and Scotland N.V., renamed in 2018); ‘the Group’ or ‘NWM N.V.’ (formerly financial instruments transactions with corporate and financial RBS N.V., renamed in 2018), means the bank and its subsidiaries; institutions. and 'RBS Holdings' means RBS Holdings N.V.. RBS Holdings N.V. is the parent company of NWM N.V.. RBSH Group is RBS Holdings and On 1 January 2017, due to the balance sheet reduction, the Group’s its consolidated subsidiaries and associated companies. The Royal regulation in the Netherlands, and supervisions responsibilities, Bank of Scotland Group plc (RBSG) is the ultimate holding company transferred from the European Central Bank (ECB), under the Single of RBSH Group. RBS Group refers to RBSG and its consolidated Supervisory Mechanism (a joint Supervisory Team comprising of ECB subsidiaries and associated companies. NWM Plc (formerly RBS plc, and De Nederlandsche Bank (DNB), which conducted the day to day renamed in 2018) refers to NatWest Markets Plc (formerly The Royal prudential supervision oversight), back to DNB. Bank of Scotland plc, renamed in 2018). The Netherlands Authority for the Financial Markets, Autoriteit Financiële Markten (AFM), is responsible for the conduct supervision. Governance and management are conducted on an overall basis within RBSH Group. Therefore the discussions in this document that UK Ring-fencing refer to RBSH Group also apply to NWM N.V.. The UK ring-fencing legislation requires the separation of essential banking services from investment banking services from 1 January 2019. RBS Group has placed the majority of the UK banking business The terms 'Consortium' and 'Consortium Members' refer to RBSG, in ring-fenced banking entities under an intermediate holding Stichting Administratiekantoor Beheer Financiële Instellingen (the company, NatWest Holdings Limited.
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