Luxembourg IPU changes

What does the 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. 

RBS Holdings NV (“RBSH NV”) is based in the Netherlands, and has been granted regulatory approval to 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 has changed 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 has established two IPU’s.

As of 1st December 2023, having been approved by the CSSF and ECB, the ownership of RBSI DS has transferred from its present owner to RBSH NV, as shown in the structure chart below, in order to meet this new requirement. The business continues to be ultimately owned by NWG. 

Understanding the impact


Impact on services provided by RBSI DS

There is no change 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 remains in place. There are no changes to the terms and conditions as a result of the change of ownership.



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

Use of data

Use of data

Your data continues 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

Complaints and queries