Filed pursuant to Rule 433 | Registration Statement Nos. 333-162219,
333-162219-01, 333-162193 and 333-162193-01


Founded in 1727, The Royal Bank of Scotland Group plc (RBS Group) is the
holding company of a large global banking and []nancial services group,
headquartered in Edinburgh. Globally, RBS Group has a diversi[]ed customer base
and provides a wide range of products and services to personal, commercial and
large corporate and institutional customers.

The Royal Bank of Scotland plc (RBS plc), The Royal Bank of Scotland N.V. (RBS
NV) and Citizens Financial Group, Inc. are subsidiaries of RBS Group.

Our Products

The Investor Products group within the RBS Global Banking and Markets division
delivers multi-asset investment solutions for both retail and institutional
investors. RBS products are offered across a wide range of structures and
risk-return pro[]les that are designed to cater to investors with varying
investment objectives, risk tolerance and time horizons. Our products enable
investors to diversify their investment portfolio across multiple asset classes
such as:

[] Interest rates [] Commodities      [] Hybrids and multi-asset solutions
[] Equities       [] Foreign Exchange [] Other market measures
[] Equity Indices [] Inflation

We offer innovative products designed to provide investors access to particular
investment strategies, indices and themes; we also offer customer-driven
solutions. RBS products are not[]FDIC-insured or government guaranteed.

[] Corporate Notes  [] Exchange Traded Notes (ETNs)
[] Structured Notes [] OTC derivatives

Issuer Details

You can find additional details about RBS Group (SEC file no. 1-10306) and RBS
Holdings N.V. (SEC file no. 1-14624) through information they file with the
Securities and Exchange Commission (SEC) at www.sec.gov, which you should read
before investing in RBS products.

GLOBAL SOLUTIONS WITH BROAD REACH


For broker-dealer and registered investment adviser use only. Not for
distribution to retail investors.

RBS Investor Products

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ISSUER LONG-TERM SENIOR, UNSECURED                                  About Issuer Credit Ratings
CREDIT RATINGS
AS OF OCTOBER 13, 2011                                              An issuer credit rating reflects the assigning rating agency's
                                                                    opinion of the issuer's creditworthiness (i.e., the issuer's ability
------------------------------------------------------------------- to pay on its It is not the rating of any RBS product issued by RBS Group,
                S and P      Moody's                     Fitch      RBS plc or RBS NV.
 obligations when they become due).
------------------------------------------------------------------- An issuer credit rating has no bearing on how much you may be
 RBS plc*         A+          A2                         A          RBS product or what your return on investment may be. Your
------------------------------------------------------------------- return on investment will depend on the terms of the particular
 RBS NV*          A+          A2                         A          RBS product that you buy and how An issuer credit rating does not
 entitled to be paid on an                                          enhance the performance or product. If a product or its underlying
------------------------------------------------------------------- asset underperforms, your investment may result in a
 RBS Group**       A          A3                         A          loss, which may be significant, regardless of RBS' issuer credit
 ------------------------------------------------------------------ potential return on any RBS by RBS plc and RBS NV.

* Issuers of RBS products and subsidiaries of RBS Group.
 that product performs.
** Issuer of RBS products and guarantor of RBS products issued
A credit rating is not a recommendation to buy, sell or hold securities.
Credit ratings may be subject to revision or withdrawal  ratings.
at any time by the assigning rating organization, and each rating
should be evaluated independently of any other rating.
 -----------------------------------------------------------------------------------------------------------------------------------
RBS GROUP SELECTED KEY FINANCIALS                                   About RBS Group
RISK ASSET RATIO
---------------- ----- ------------------------------- ------------
                                                                    RBS Group is the issuer of certain RBS products, and the guarantor of
                       At December 31                               the obligations of RBS plc, as the issuer, under certain RBS products.
---------------- ----- ------------------------------- ------------ The prospectus will specify if the RBS Group guarantee applies to your
                 2010        2009                      2008         RBS products.
                 ----- ------------------------------- ------------
                                                                    For additional information on key Fnancials and Fnancial
 Core Tier 1     10.7%       11.0%                     6.6%         RBS Group 2010 Annual Report (Form 20-F) and RBS Group Q2 2011
---------------- ----- ------------------------------- ------------ statements of RBS Group see

 Tier 1          12.9%       14.1%                     10.0%
---------------- ----- ------------------------------- ------------
 interim results

 -----------------------------------------------------------------------------------------------------------------------------------
                     At June 30                                     (Form[]6-K).
 -----------------------------------------------------------------------------------------------------------------------------------
                 2011        2010
---------------- ----- ------------------------------- ------------
 Core Tier 1     11.1%       10.5%
---------------- ----- ------------------------------- ------------
 Tier 1          13.5%       12.8%
================ ===== =============================== ============
 -----------------------------------------------------------------------------------------------------------------------------------
RBS HOLDINGS N.V. SELECTED KEY                                      About RBS Holdings N.V.
FINANCIALS
                                                                    RBS Holdings N.V., a subsidiary of RBS Group, is the guarantor
                                                                    of the obligations of RBS NV, as the issuer, under certain
RISK ASSET RATIO*                                                   RBS products. The RBS Holdings N.V. guarantee applies to your
                                                                    prospectus will specify if the RBS products. For additional information
---------------------- ------------------------------- ------------ on key financials and financial statements of RBS Holdings N.V.,
                       At December 31                               see RBS Holdings N.V. 2010 Annual Report (Form 20-F), as amended
                                                                    by Amendment No.1
---------------- ----- ------------------------------- ------------
                 2010        2009                      2008
---------------- ----- ------------------------------- ------------
 Core Tier 1     8.7%        16.9%                     10.1%
---------------- ----- ------------------------------- ------------
 Tier 1          11.0%       19.9%                     10.9%

-----------------------------------------------------------------------------------------------------------------------------------
                                                                    (Form 20-F/A) and RBS Holdings N.V. interim results for the half
 year ended June 30, 2011
 -----------------------------------------------------------------------------------------------------------------------------------
                     At June 30                                     (Form 6-K).
 -----------------------------------------------------------------------------------------------------------------------------------
                 2011        2010
---------------- ----- ------------------------------- ------------
                                                                    * The ratios published for 2009 and 2008 were calculated on a
                                                                      Basel I basis and reflect the inclusion of the Dutch State and Banco
 Core Tier 1     7.4%        6.1%                                     Santander S.A. acquired businesses existing in the period prior
                                                                      to the legal separation of ABN Amro Bank N.V. on April 1, 2010. With
---------------- ----- ------------------------------- ------------   effect from June 30, 2010, RBS Holdings N.V. and its
                                                                      consolidated subsidaries migrated to Basel II status; the ratios for 2010
                                                                      and 2011 are presented on a Basel II basis. See RBS Holdings N.V. 2010 Annual
 Tier 1          9.6%        7.9%                                     Report (Form 20-F) and RBS Holdings N.V. interim results for the half
                                                                      year ended June 30, 2011 (Form 6-K).
---------------- ----- ------------------------------- ------------

The Boards of RBS Group, RBS plc, RBS Holdings N.V. and RBS NV (collectively,
the RBS Entities) approved the proposed transfers of a substantial part of the
business activities of RBS NV to RBS plc, subject, amongst other matters, to
regulatory and other approvals, further tax and other analysis in respect of
the assets and liabilities to be transferred and employee consultation
procedures. It is expected that the proposed transfers will be implemented on a
phased basis over a period ending December 31, 2013. For further information,
see the press release entitled "Proposed transfers of a substantial part of the
business activities of RBS NV to RBS plc" []led on Form 6-K by RBS Group on
April 19, 2011.

CERTAIN RISK CONSIDERATIONS: An investment in RBS products involves risks,
including market risk, liquidity risk, and a possible loss of some or all of
your investment. Some RBS products do not pay coupons. Any payment on RBS
products will be subject to the ability of the relevant RBS issuer and
guarantor, if any, to pay their respective obligations when they become due.
You should carefully consider whether the RBS products are suited to your
particular circumstances before you buy them. We urge you to consult with your
investment, legal, accounting, tax and other advisors with respect to any
investment in RBS products. You should carefully read the relevant prospectus
for the RBS product, including the "Risk Factors" section in the prospectus,
before investing.

IMPORTANT NOTICE: The RBS Entities have each filed a registration statement
(including a prospectus) with the Securities and Exchange Commission (SEC) for
offerings to which this communication may relate. Before you invest, you should
read the relevant prospectus in that registration statement and other documents
have been filed with the SEC for more complete information about the RBS
Entities and the relevant offerings. You may get these documents without cost
by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, RBS plc,
RBS NV, RBS Group, any underwriter or any dealer participating in this offering
will arrange to send you the relevant prospectus if you request by calling toll
free (866) 747-4332.

For broker-dealer and registered investment adviser use only. Not for
distribution to retail investors.

RBS Investor Products

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