NatWest Corporates and Institutions

Commercial arrangements within the NatWest Group

We are providing this disclosure in accordance with MiFID 2 (Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU) referred to as MiFID. NatWest Group entities established in either the U.K. or EU and who are subject to MIFID and the relevant Conduct of Business rules established by the national competent authorities thereunder are required to disclose the payment or receipt of any monetary or non-monetary benefit to or from a third party (which includes any other NatWest Group entity) in connection with the provision of MIFID investment services to clients.

For certain investment services and financial instruments, NatWest Group entities will share revenues from the provision of MiFID investment services to certain customers of other NatWest Group entities for referral and other services provided by those entities to reflect the contribution to the overall customer relationship. Such revenues are shared as set out below:


NWM PLC means NatWest Markets Plc

NWM NV means NatWest Markets N.V.

NWB PLC means National Westminster Bank Plc

NWBE GmbH means NatWest Bank Europe GmbH

NWM SI means NatWest Markets Securities, Inc.

RBSI means The Royal Bank of Scotland International

A disclosure of the exact amount of revenue paid to each Receiver will be made directly to customers periodically as required.

We reserve the right to amend this information at any time. This information does not constitute or form part of any offer to sell or issue any financial instrument or an offer or solicitation to buy a financial instrument. We accept no liability for this information other than to the extent provided in our Terms of Business/contractual terms.