EXHIBIT 8.1
8.1 Principal subsidiaries of The Royal Bank of Scotland Group plc
The principal subsidiary undertakings of the company are shown below. Their capital consists of ordinary and preference shares which are unlisted with the exception of certain preference shares issued by NatWest. The Royal Bank, NatWest (see note (4) below) and RBS Life Holdings are directly owned by the company, and all of the other subsidiary undertakings are owned directly, or indirectly through intermediate holding companies, by the Royal Bank or by NatWest, and are all wholly-owned. All of these subsidiaries are included in the Group’s consolidated financial statements and have an accounting reference date of 31 December.
Nature of business area | Country of incorporation and principal of operation | |
| The Royal Bank of Scotland plc | Banking | Great Britain |
| Citizens Financial Group, Inc. | Banking | US |
| Direct Line Insurance plc | Insurance | Great Britain |
| The Royal Bank of Scotland International Limited | Banking | Jersey |
| National Westminster Bank Plc (1,4) | Banking | Great Britain |
| Coutts & Co (2) | Private banking | Great Britain |
| Coutts Bank (Switzerland) Limited | Private banking | Switzerland |
| Greenwich Capital Markets, Inc. | Broker dealer | US |
| Lombard North Central PLC | Banking, credit finance, leasing and hire purchase | Great Britain |
| National Westminster Home Loans Limited | Home mortgage finance | Great Britain |
| Ulster Bank Limited (3) | Banking | Northern Ireland |
| RBS Life Holdings Limited | Life assurance | Great Britain |
| Notes: | |
| (1) | The company does not hold any of the NatWest preference shares in issue. |
| (2) | Coutts & Co is incorporated with unlimited liability. Its registered office is 440 Strand, London WC2R 0Q5 |
| (3) | Ulster Bank Limited and its subsidiary undertakings also operate in the Republic of Ireland. |
| (4) | On 31 January 2003, ownership of NatWest was transferred from the company to the Royal Bank. |
