Royal Bank of Scotland Group
Royal Bank of Scotland Group
The Royal Bank of Scotland Group, founded in 1727, is one of Europe’s leading financial services groups.In March 2000, The Royal Bank of Scotland Group completed the acquisition of NatWest in a £21 billion deal that was the largest takeover in British banking history.
The enlarged Royal Bank of Scotland Group has a market capitalisation of £51 billion as at 4th August 2003, compared with £19.7 billion immediately after the takeover. The Royal Bank of Scotland has more than 20 million UK personal customers, 2,287 UK branches and total assets at 31 December 2002 of £412 billion.
The Royal Bank of Scotland Group employs over 110,000 staff worldwide.
In the first half of 2003, the Royal Bank of Scotland Group increased its profit before tax, goodwill amortisation and integration costs by 10 per cent to £3,451 million. Profit before tax increased 25 per cent to £2,896 million. Total income was up 11 per cent and all the Royal Bank of Scotland Group’s divisions increased customer numbers.
The Royal Bank of Scotland Group is one of the world's leading financial services providers and one of the oldest banks in the UK. Following the takeover of National Westminster Bank in 2000, the Group has continued to grow its business around the globe and, in addition to its strong UK presence, it has offices in Europe, the USA and Asia. By the end of 2002, The Royal Bank of Scotland was the second largest bank in Europe and the fifth largest in the world by market capitalisation.
In the UK the Royal Bank of Scotland's branch network spans the nation and boasts a pedigree of great variety and distinction. Its history is very much the history of banking in the British Isles over the past four centuries, as the Royal Bank of Scotland can trace its roots back to the sixteenth century through the amalgamation of more than 200 private and joint stock banks which comprise its past and present constituents.
During the 1980s the Royal Bank of Scotland Group diversified, setting up an innovative car insurance company, Direct Line, in 1985 and acquiring Citizens Financial Group (established 1828) of Rhode Island in the USA in 1988. Both were to prove highly successful ventures. During the early 1990s the Royal Bank of Scotland refocused on its core business of retail banking, acquiring the private bank of Adam & Company (established 1983) in 1992.
It’s launched Direct Banking in 1994, which quickly became Britain’s fastest growing twenty-four-hour telephone banking operation, and in 1997 announced the UK’s first fully-fledged on-line banking service over the internet, as well as joint financial services ventures with both Tesco and Virgin Direct.
Source www.rbs.com
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Royal Bank of Scotland Group