Highly strategic subsidiary of The Royal Bank of Scotland Group plc. Solid capital ratios. Concentration in capital markets activities, some of which have inherent cyclicality and complexity. Poor profitability of continuing operations relative to peers. Execution risks from residual restructuring and repositioning of the business model. S&P Global Ratings' positive outlook on NatWest Markets Plc (NWM) mirrors that on its ultimate parent, The Royal Bank of Scotland Group plc (RBSG), and reflects the expected gradual improvement of the group's risk profile. We may raise the ratings on RBSG and NWM if: There are no new material, unexpected conduct and litigation charges. The earnings performance of the investment banking division improves, and its share of group risk-weighted assets reduces further. The
