The complexity of RBG's group structure continues to limit economy-of-scale benefits and hinder group transparency. The group's complex structure results in less financial transparency and could mean slower reactions to changes in the operating environment, compared to peers. It also prevents the group from fully realizing scale efficiencies, particularly in its domestic operations. We expect no material changes to RBG's operational efficiency in the near future, as indicated by a forecast stable 51% cost-to-income ratio by year-end 2025, because inflationary cost pressures dampen the effects from anticipated revenue improvements. In our view, the group would also require a deep organizational restructuring to realize the higher-than-market-average returns that often characterize banking groups with leading national market positions. RBG's loan-to-deposit ratio stood
