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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  The Royal Bank of Scotland Group plc    RBS   GB00B7T77214

THE ROYAL BANK OF SCOTLAND GROUP PLC

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Royal Bank of Scotland : Germany seizes documents that may contain info on tax evasion

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06/21/2014 | 10:58am EST

BERLIN (Reuters) - German customs authorities in the Port of Hamburg have confiscated documents that may contain information about the accounts of suspected tax evaders, German media reported on Saturday.

Two containers with around 14,000 documents inside were confiscated at the end of May, with some coming from a branch of private bank Coutts, a subsidiary of the Royal Bank of Scotland, in the Cayman Islands, newspaper Welt am Sonntag said in an advance copy of an article due to be published on Sunday.

News magazine Focus also reported that customs authorities confiscated a container of Coutts documents from the Cayman Islands, which is frequently labelled as a tax haven by critics, on May 20. Finance experts had since then been evaluating the material, searching for evidence of tax evasion, Focus said.

A spokesperson for Coutts told Reuters: "We are not aware of any investigation into our Trust Company or its papers and we are working with the authorities to allow these papers to continue on their way."

In 2012, authorities in North-Rhine Westphalia investigated Coutts after the federal state bought a CD containing details of German customers of Coutts, Welt am Sonntag said.

A spokeswoman for the German finance ministry said the public prosecutors' office in Duesseldorf was the responsible authority, adding that this case was linked to investigations already being carried out in North-Rhine Westphalia.

She said she could not give further information on ongoing investigations.

The public prosecutors' office in Duesseldorf could not be immediately reached for comment by Reuters.

(Reporting by Michelle Martin; Editing by Larry King)

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Financials (GBP)
Sales 2019 12 538 M
EBIT 2019 5 147 M
Net income 2019 2 690 M
Debt 2019 -
Yield 2019 10,4%
P/E ratio 2019 9,54x
P/E ratio 2020 10,1x
Capi. / Sales2019 2,15x
Capi. / Sales2020 2,20x
Capitalization 26 980 M
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Mean consensus HOLD
Number of Analysts 22
Average target price 254,49  GBp
Last Close Price 223,40  GBp
Spread / Highest target 82,6%
Spread / Average Target 13,9%
Spread / Lowest Target -6,00%
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Alison Marie Rose-Slade Chief Executive Officer
Howard John Davies Chairman
Mark Bailie Chief Operating Officer
Katie Murray Chief Financial Officer & Executive Director
Brendan R. Nelson Independent Non-Executive Director
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