About
Often times people get confused between The Royal Bank of Scotland and Scotland Bank. However, both these are different banks. The Royal Bank of Scotland is also known by its abbreviation RBS. It is a retain banking subsidiary of the Natwest group. Along with the ulster bank and NatWest Group, the bank has outgrown over the past few years to a great extent. The Royal Bank of Scotland had more than 700 branches. Out of which most of the branches were located mainly in Scotland and rest others throughout Wales and England. The bank however, is now entirely different than the Scotland Bank.
Listings and Revenue
RBS is listed on London Stock Exchange.
| Revenue | $28.9 billion |
| Operating Income | $5.5 billion |
| Net Income | $-2.4 billion |
| Total Assets | $1,201.6 billion |
Products and Services
The Royal Bank of Scotland has been striving hard to serve the communities by putting the costumers interest first. That is why, it has always been on the top to offer the products and services with wide range to make the choice. Talking of which, The Royal Bank of Scotland offers products that includes Corporate banking, Consumer banking, Finance and insurance to personal and commercial customers. There are also phone and internet banking with phone and internet banking. It has also been participating in the Faster Payments Service. It is an approach to pace up some payments that were launched in the year 2008.
History
Establishment of The Royal Bank of Scotland was done in the year 1724 to offer banking solution with strong Hanoverian and Whig ties.
If you go through the history deeply, you will find the traces of this banking service form the Society of the Subscribed Equivalent Debt which investors had set up for protecting the compensation they got as a part of 1707 Acts of Union.
In the year 1724, The British government received the request favourably as the "Old Bank", the Bank of Scotland.
In the year 1727, the new bank by the name of Royal Bank of Scotland was started in which Archibald Campbell, Lord Ilay was appointed as the first governor.
In the year 1728, the bank then started with overdraft policy. It was later considered as an approach to modern banking. This was the main reason why William Hogg, a merchant in the Edinburgh High Street could get an access to£1,000 credit.
In the year 1821, the bank then shifted to its original office in Edinburgh's Old Town to Dundas House In 1774, the building was designed for Sir Lawrence Dundas by Sir William Chambers as a mansion.
In the year 1857, John Dick Peddie designed axial banking hall behind the building with domed roof feature and gold star-shaped coffers as an additional styling. In the same year the bank acquired the Dundee Banking Company followed which in the year 1910 the bank had 900 staff within more than 158 branches.
The bank then opened its first international branch in the year 1960 in New York. After that, it also opened the branches in Chicago, Los Angeles, Houston and Hong Kong.
On 14 February 2020, Royal Bank of Scotland was renamed NatWest Group plc.
Acquisition
The Royal Bank of Scotland acquired Citizens Financial Group in the year 1988 and in 2004 acquired Charter One Bank.
Awards and Recognition
No information is available.
Subsidiary
There is no Subsidiary of the bank before as and after it was renamed NatWest Group plc.