Luxembourg IPU changes

What does the proposed change in intermediate ownership mean


RBS International Depositary Services (“RBSI DS”) is a Luxembourg based credit institution that provides depositary services to alternative investment funds in Luxembourg and ‘depositary lite’ services to non-EU funds. RBSI DS is presently wholly owned by RBS International (Holdings) Limited in Jersey. It is authorised by the European Central Bank (“ECB”) and regulated by the Commission de Surveillance du Secteur (“CSSF”).

RBS Holdings NV (“RBSH NV”) is based in the Netherlands, and will, subject to regulatory approval, become a Financial Holding Company. RBSH NV owns NatWest Markets N.V. which is NatWest Group’s business which provides rates, currencies and financing products to European corporates and financial institutions.

What is changing and why?

NatWest Group (“NWG”) is reorganising its European activities in order to comply with the latest Capital Requirements Directive which requires third country banking groups to organise all of their European subsidiaries under an intermediate parent undertaking (“IPU”). This must take place no later than 30 December 2023. Owing to the United Kingdom’s structural separation requirements – also known as ring-fencing - NWG will, subject to regulatory approval, establish two IPU’s.

This means the ownership of RBSI DS will be transferred from its present owner to RBSH NV as shown in the structure chart below. The business continues to be ultimately owned by NWG. 

What happens next?

The transfer needs to be approved by the CSSF and ECB before it takes place. The process to seek their approval is underway and it is anticipated that the transfer will take place at some point from 1 April 2023 onwards.

If there are any changes to the time or date outlined above, we will provide updates on this website.

Understanding the impact


Impact on services provided by RBSI DS

There will be no changes to the products or services provided to you as a result of the change of ownership. Your relationship management team and the business remain committed to providing a high quality depositary service to alternative investment funds.

Existing agreements

Impact on your existing agreement with RBSI DS

Your existing agreement will remain in place. There are no changes to the terms and conditions as a result of the planned change of ownership.



RBSI DS will not be subject to any rebranding as a result of the change of ownership. The business will continue to trade under its existing branding.

Use of data

Use of data

Your data will continue to be held by RBSI DS as the data controller. RBSI DS will use and process your information in the same way and for the same purposes after the transfer of ownership.

Frequently asked questions

Common questions about complaints and queries