National Westminster Bank (Nat
West) was formed in 1968 from the merger of 3 other banks (who's
history dates back to 1658). On the 6th March 2000 The Royal Bank
of Scotland acquired National Westminster Bank plc.
The Royal Bank of Scotland Group
The Royal Bank of Scotland was founded in 1727. It is now a global
organisation: one of the biggest banks in the UK, headquartered
in Edinburgh with operations all over the world, as well as one
of Europe's leading financial services groups.
The acquisition of National Westminster Bank has created a Group
with businesses encompassing personal, business and corporate customers.
The Royal Bank of Scotland also owns Direct Line, the UK market
leader in private motor insurance and other telephone based financial
services, Citizens Financial Group, USA: the second largest bank
in New England, Ulster Bank, based in Northern Ireland, and Green
Flag roadside rescue.
RBoS also have joint ventures to provide both Tesco Personal Finance
and Virgin Direct Personal Finance.
The group has more than 2000 branches throughout the UK and Ireland,
and serves more than 15 million customers.
As part of restructuring the group has reduced the number of staff
by 7,500 and estimate a further 1,500 will go by the end of 2000.
The first financial results for the group, following the NatWest
acquisition, showed that the group made a profit before tax, goodwill
amortisation, and integration costs of just over £2 Billion in the
six months to 30 June, an increase of 23 per cent over the same
period last year. The Group's turnover was £5,974 million (up 10%).