RBS Group History and Financial Performance

The RBS Group has a rich history dating back to 1605 when the Royal Bank of Scotland was founded.

The bank started as a small institution in Edinburgh, Scotland, but it quickly grew and expanded its operations.

In 2008, RBS Group acquired ABN AMRO, a Dutch bank, for £47 billion, making it one of the largest bank mergers in history.

This acquisition marked a significant turning point for the group, leading to a period of significant growth and expansion.

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In June 2008, RBS sold its subsidiary Angel Trains for £3.6bn as part of an assets sale to raise cash. This was a significant move to shore up the bank's finances during a time of crisis.

The bank's financial struggles continued, and in March 2009, RBS announced the closure of its tax avoidance department, which had helped it avoid £500m of tax. This decision was likely due to a combination of factors, including a lack of funds and the 84% government stake in the bank.

RBS continued to restructure its operations, and in March 2010, GE Capital acquired the bank's factoring business in Germany. This transaction marked another significant step in RBS's efforts to streamline its operations and reduce its exposure to risk.

The bank's efforts to restructure and reduce its risk continued, and in January 2012, RBS announced that it would cut 4,450 jobs and close several of its loss-making businesses. This move was part of a broader effort to prepare for tougher international regulations and reduce the bank's exposure to risk.

RBS sold its subsidiary Angel Trains for £3.6bn in June 2008 as part of an assets sale to raise cash.

In 2009, the bank closed its tax avoidance department, which had helped it avoid £500m of tax by channelling billions of pounds through securitised assets in tax havens.

This move was partly due to a lack of funds and partly due to the 84% government stake in the bank.

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RBS sold its factoring business in Germany to GE Capital in March 2010 for an undisclosed amount.

In 2012, the bank cut 4,450 jobs and closed its loss-making cash equities, corporate broking, equity capital markets, and mergers and acquisitions businesses.

This move brought the total number of jobs cut since the bank was bailed out in 2008 to 34,000.

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RBS sold its subsidiary Angel Trains for £3.6bn in June 2008 as part of an assets sale to raise cash.

The bank's tax avoidance department was closed in March 2009, which had helped it avoid £500m of tax by channelling billions of pounds through securitised assets in tax havens.

RBS's factoring business in Germany was acquired by GE Capital in March 2010 for an undisclosed amount.

The bank cut 4,450 jobs and closed several loss-making businesses in January 2012 due to pressure from the UK government.

This move brought the total number of jobs cut since the bank was bailed out in 2008 to 34,000.

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RBS separated its insurance business from the main group in 2012 to form the Direct Line Group, which included several well-known brands.

RBS sold its remaining shares in the Direct Line Group in February 2014 after reducing its holding to 28.5% in 2013.

The bank sold its remaining stake in Citizens Financial Group in October 2015 after progressively reducing its stake through an initial public offering started in 2014.

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The government has been gradually reducing its stake in NatWest. In March 2021, it sold shares, losing £1.8bn in the process, and its holding dropped to 59.8%.

This sale was followed by another in May 2021, which brought the government's holding down to 54.8%. The government had planned to sell more shares in late 2021, but the details are not specified.

In March 2022, the government sold more shares, reducing its holding to 48.1%. By May 2023, NatWest had bought back some shares, and the government's holding had dropped to 38.6%.

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Regulatory filings show that by February 2024, the government's holding had decreased to 34.96%. Just a month later, in March 2024, it had fallen to 29.82%.

In May 2024, the government announced it would sell £1.24bn worth of shares back to NatWest, which brought its ownership down to 22.5%. By late July 2024, the shareholding had been reduced to 19.97%.

Another significant sale occurred on November 11, 2024, when the government sold £1bn of its shares back to NatWest, taking its holding down to 11.4%. By mid-December 2024, the government's stake had fallen to 9.99%.

The RBS Group has a strong presence in the financial services industry, with a history dating back to 1730.

RBS Group is a global banking and financial services company with operations in over 50 countries.

Their Group Performance is a key area of focus, with a goal of delivering long-term value to customers, employees, and shareholders.

In 2020, RBS Group reported a net income of £2.6 billion, a significant increase from the previous year.

The company's diversified business model allows it to operate across multiple sectors, including corporate and commercial banking, personal and private banking, and investment banking.

RBS Group has a large global workforce, with over 150,000 employees worldwide.

Their commitment to innovation and technology has enabled them to deliver digital banking services to millions of customers.

The RBS Group operates through several key business segments, each contributing to the company's overall success.

Personal Banking is a significant segment, accounting for a substantial portion of the group's customer base.

The segment provides a range of financial services, including current accounts, savings accounts, and credit cards.

In addition to Personal Banking, the RBS Group also has a Corporate & Institutional Banking segment, which serves corporate and institutional clients.

This segment provides a variety of financial services, including corporate banking, transaction services, and markets and securities.

The NatWest Group has a diverse range of principal subsidiaries that cater to various financial needs.

Royal Bank of Scotland plc is one of the group's key subsidiaries.

National Westminster Bank Plc, commonly known as NatWest, is another significant subsidiary.

Ulster Bank is a notable presence in Northern Ireland and the Republic of Ireland, making it one of the Big Four banks in the region.

Adam and Company Plc was established in 1983 and is a part of the group's operations.

Child & Co., founded in 1649, is one of the oldest private banks in the UK.

Coutts & Co., established in 1692, is a private bank and wealth manager that offers high-end financial services.

Drummonds Bank has been in operation since 1712.

Holt's Military is a specialized subsidiary that caters to the financial needs of the military community.

Lombard is a leasing and asset finance provider that offers financial solutions to businesses and individuals.

NatWest Markets is the investment banking arm of the group, providing a range of financial services.

RBS International Limited is another key subsidiary that operates globally.

RBS Securities Inc is the US investment bank and broker-dealer of the group.

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The retail banking segment is a significant part of NatWest Holdings' operations. It covers the UK and the Republic of Ireland under three brand names: NatWest, Royal Bank of Scotland, and Ulster Bank.

These brands have a strong presence in their respective markets, with a wide range of financial products and services offered to individuals and businesses.

NatWest Holdings operates through key subsidiaries, including NatWest, Royal Bank of Scotland, and Ulster Bank.

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RBS provides the financial means for companies to build coal-fired power stations and dig new coal mines at sites throughout the world. This includes helping to provide an estimated £8 billion from 2006 to 2008 to energy corporation E.ON and other coal-utilising companies.

RBS Group has a rich history that dates back to 1727, when it was founded by William Paterson as the Royal Bank of Scotland. This makes RBS one of the oldest banks in the world.

The bank's early success was driven by its innovative approach to banking, including the introduction of the first banknotes in Scotland. RBS played a significant role in the development of the country's economy, and its legacy continues to shape its operations today.

RBS has had its fair share of challenges, including the global financial crisis of 2008, which led to a significant bailout by the UK government. Despite these setbacks, the bank has continued to evolve and adapt, with a renewed focus on customer service and digital innovation.

Our senior leadership team has undergone some changes recently. Richard Haythornthwaite took over as Chairman in April 2024.

Paul Thwaite has been serving as Chief Executive on an interim basis since July 2023, and he officially took on the role in February 2024.

Katie Murray has been a steady presence as Chief Financial Officer since January 2019.

Jan Cargill has been handling the roles of Chief Governance Officer and Company Secretary since August 2019.

The list of former CEOs of this group is quite impressive, and it's interesting to see how the role has evolved over time. John Burke was the first managing director, appointed in 1976.

He was followed by Sid Procter, who took over in 1982. Sid Procter's tenure was relatively short-lived, lasting just three years.

The next CEO was Charles Winter, who led the group from 1985 to 1991. Winter's time in office was marked by the merger with Williams & Glyn's Bank in 1985.

Sir George Mathewson took the reins in 1992 and remained in charge until 2001. Mathewson's leadership was a significant period for the company.

Fred Goodwin succeeded Mathewson in 2001 and served until 2008. Goodwin's time in office was marked by a major crisis.

Stephen Hester took over in 2008 and led the group until 2013. Hester's leadership was focused on recovery and rebuilding.

Ross McEwan was the next CEO, serving from 2013 to 2019. McEwan's time in office was marked by significant challenges.

Dame Alison Rose was the most recent CEO, leading the group from 2019 to 2023.

Here is a list of the former CEOs:

The RBS Group has faced its fair share of controversies and criticisms over the years.

The bank has been accused of bailing out its own shareholders during the 2008 financial crisis, while ordinary customers were left to suffer. This move was seen as a clear case of favoritism, where those at the top got a free pass while the little guy was left to pick up the pieces.

The bank's decision to axe 15,000 jobs in 2008 was a devastating blow to many employees and their families, causing widespread unemployment and economic hardship.

The RBS Group has also faced criticism for its handling of the Libor scandal, where it was found to have manipulated interest rates for its own gain, leading to a massive fine and a loss of public trust.

The bank's aggressive lending practices in the run-up to the financial crisis have been widely criticized, with many arguing that it contributed to the housing market bubble and subsequent crash.

RBS Group offers a range of credit products, including personal loans and overdrafts.

Their personal loans can be used for a variety of purposes, such as consolidating debt or financing a large purchase.

RBS Group's interest rates are competitive, with some loans offering rates as low as 3.9% APR.

The bank also offers overdraft facilities, allowing customers to borrow money when they need it.

These overdrafts can be arranged online or in branch, and come with a range of repayment options.

RBS Group's credit products are designed to be flexible and adaptable to customers' needs.

Their experienced customer service team is available to help with any questions or concerns.

In terms of credit limits, RBS Group offers limits of up to £25,000 for some customers.

This can be increased or decreased as needed, subject to certain conditions.