DOCSLIB.ORG

Annual Report and Accounts 2006

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Annual Report and Accounts 2006 Royal Bank Accounts 06 cover 29/3/07 11:14 Page 1 The Royal Bank ofThe Royal Scotland plc Annual Report and Accounts 2006 Annual Report and Accounts 2006 RBS_Accounts 06.qxp 2/4/07 07:45 Page 1 Contents 02 Board of directors and secretary 03 Financial review 21 Report of the directors 24 Statement of directors’ responsibilities 25 Independent auditors’ report to the members of The Royal Bank of Scotland plc 26 Accounting policies 35 Consolidated income statement 36 Balance sheets 37 Statements of recognised income and expense 38 Cash flow statements 39 Notes on the accounts Annual Report and Accounts 2006 1 Contents RBS_Accounts 06.qxp 2/4/07 07:45 Page 2 Board of directors and secretary Chairman Auditors Sir Tom McKillop Deloitte & Touche LLP C, N, R Chartered Accountants and Registered Auditors Saltire Court Executive directors 20 Castle Terrace Sir Fred Goodwin DUniv, FCIBS, FCIB, LLD Edinburgh EH1 2DB C Johnny Cameron FCIBS Registered office Lawrence Fish 36 St Andrew Square Edinburgh EH2 2YB Mark Fisher FCIBS Telephone: 0131 556 8555 Gordon Pell FCIBS, FCIB Guy Whittaker Head office C Gogarburn PO Box 1000 Non-executive directors Edinburgh EH12 1HQ Colin Buchan* A, C, R The Royal Bank of Scotland plc Jim Currie* D.Litt Registered in Scotland No. 90312 R Bill Friedrich* A Archie Hunter* A (Chairman), C, N Charles ‘Bud’ Koch Janis Kong* OBE, DUniv R Joe MacHale* A Sir Steve Robson* A Bob Scott* CBE, FCIBS C, N, R (Chairman) Peter Sutherland* KCMG C, N, R Secretary Miller McLean FCIBS C A member of the Audit Committee C member of the Chairman’s Advisory Group N member of the Nominations Committee R member of the Remuneration Committee * independent non-executive director 2 Annual Report and Accounts 2006 RBS_Accounts 06.qxp 13/4/07 11:59 Page 3 Financial review Description of business Retail also includes the Group’s non-branch based retail Introduction businesses that issue a comprehensive range of credit and The Royal Bank of Scotland plc is a wholly-owned subsidiary of charge cards to personal and corporate customers and provides The Royal Bank of Scotland Group plc, one of the world’s card processing services for retail businesses. Retail is the largest banking and financial services groups. The Group has a leading merchant acquirer in Europe and ranks fourth globally. large and diversified customer base and provides a wide range of products and services to personal, commercial and large It also includes Tesco Personal Finance, The One account, corporate and institutional customers. First Active UK, Direct Line Financial Services and Lombard Direct, all of which offer products to customers through direct Organisational structure and business overview channels principally in the UK. In continental Europe, Retail The Group’s activities are organised in the following business offers a similar range of products through the RBS and divisions: Corporate Markets (comprising Global Banking & Comfort Card brands. Markets and UK Corporate Banking), Retail Markets (comprising Retail and Wealth Management), Ulster Bank, Citizens and Wealth Management provides private banking and investment Manufacturing. A description of each of the divisions is given services to its clients through a number of leading UK and below. overseas private banking subsidiaries and offshore banking businesses. Coutts is one of the world's leading international Corporate Markets is focused on the provision of banking, wealth managers with offices in Switzerland, Dubai, Monaco, investment and risk management services to medium and Hong Kong and Singapore, as well as its premier position in the large businesses and financial institutions in the UK and UK. Adam & Company is the major private bank in Scotland. around the world. Corporate Banking and Financial Markets The offshore banking businesses – The Royal Bank of Scotland was renamed Corporate Markets on 1 January 2006 when we International and NatWest Offshore – deliver retail banking reorganised our activities into two businesses, Global Banking services to local and expatriate customers, principally in the & Markets and UK Corporate Banking, in order to enhance the Channel Islands, the Isle of Man and Gibraltar. service provided to these two customer segments. Ulster Bank Group brings together the Ulster Bank and First Global Banking & Markets (“GBM”) is a leading banking partner Active businesses to provide a comprehensive range of to major corporations and financial institutions around the world, products and services to retail and corporate customers in the providing an extensive range of debt financing, risk management island of Ireland. and investment services to its customers. GBM has a wide range of clients across its chosen markets. It has relationships Ulster Bank Retail Markets serves personal customers through with an overwhelming majority of the largest UK, European and both the Ulster Bank and First Active brands. Ulster Bank US corporations and institutions. GBM’s principal activity in the provides branch banking and direct banking services US is conducted through RBS Greenwich Capital. throughout the island of Ireland. First Active, through its branch network, serves personal customers in the Republic of Ireland UK Corporate Banking is the largest provider of banking, with its separately branded product offerings, including finance and risk management services to UK corporate mortgages and savings. customers. Through its network of relationship managers across the country it distributes the full range of Corporate Ulster Bank Corporate Markets caters for the banking needs of Markets’ products and services to companies. business and corporate customers, including treasury and money market activities, asset finance, e-banking, wealth Retail Markets was established in June 2005 to lead co- management and international services. Business and corporate ordination and delivery of our multi-brand retail strategy across banking services are provided via centrally-based relationship our product range and comprises Retail (including our direct management teams and dedicated Business Centres located channels businesses) and Wealth Management. across both Northern Ireland and the Republic of Ireland. Retail comprises both the Royal Bank and NatWest retail Citizens is the second largest commercial banking organisation brands, and a number of direct providers offering a full range in New England and the eighth largest commercial banking of banking products and related financial services to the organisation in the US measured by deposits. Citizens provides personal, premium and small business markets across several retail and corporate banking services under the Citizens brand distribution channels. in Connecticut, Delaware, Massachusetts, New Hampshire, New Jersey, New York state, Pennsylvania, Rhode Island and Vermont In core retail banking, Retail offers a comprehensive product and the Charter One brand in Illinois, Indiana, Michigan and range across the personal and small business market: money Ohio. Through its branch network Citizens provides a full range transmission, savings, loans and mortgages. Customer choice of retail and corporate banking services, including personal and product flexibility are central to the retail banking banking, residential mortgages and cash management. proposition and customers are able to access services through a full range of channels, including the largest network of branches and ATMs in the UK, the internet and the telephone. Annual Report and Accounts 2006 3 Financial review RBS_Accounts 06.qxp 2/4/07 07:45 Page 4 Financial review continued In addition, Citizens engages in a wide variety of commercial In the small business banking market, the Group competes lending, consumer lending, commercial and consumer deposit with other UK clearing banks, specialist finance providers products, merchant credit card services, trust services and retail and building societies. investment services. Citizens includes RBS National Bank, our US credit card business, RBS Lynk, our merchant acquiring In the personal banking segment the Group competes with UK business, and Kroger Personal Finance, our credit card joint banks and building societies, major retailers and internet-only venture with the second largest US supermarket group. players. In the mortgage market the Group competes with UK banks and building societies. Manufacturing supports the customer-facing businesses and provides operational, technology and customer support in In the UK credit card market large retailers and specialist card telephony, account management, lending and money issuers, including major US operators, are active in addition to transmission, global purchasing, property and other services. the UK banks. Competitive activity is across a number of dimensions including introductory and longer term pricing, Manufacturing drives optimum efficiencies and supports loyalty and reward schemes, and packaged benefits. In income growth across multiple brands and channels by using addition to physical distribution channels, providers compete a single, scalable platform and common processes wherever through direct marketing activity and the internet. The market possible. It also leverages the Group’s purchasing power and remains very competitive, both between issuers and with other has become the centre of excellence for managing large-scale payment methods. and complex change. In Wealth Management, The Royal Bank of Scotland International The expenditure incurred by Manufacturing relates to costs competes with
Load more

Recommended publications
  • NATIONAL WESTMINSTER BANK PLC (Incorporated Under the Laws
    NATIONAL WESTMINSTER BANK PLC (incorporated under the laws of England and Wales with limited liability under the Companies Act 1948 to 1980, with registered number 00929027) €25 billion Global Covered Bond Programme unconditionally and irrevocably guaranteed as to payments of interest and principal by NatWest Covered Bonds Limited Liability Partnership (a limited liability partnership incorporated in England and Wales) Under this €25 billion global covered bond programme (the Programme), National Westminster Bank Plc (the Issuer and NatWest) may from time to time issue bonds (the Covered Bonds) denominated in any currency agreed between the Issuer and the relevant Dealer(s) (as defined below). The price and amount of the Covered Bonds to be issued under the Programme will be determined by the Issuer and the relevant Dealer at the time of issue in accordance with prevailing market conditions. NatWest Covered Bonds Limited Liability Partnership (the LLP) has guaranteed payments of interest and principal under the Covered Bonds pursuant to a guarantee which is secured over the Portfolio (as defined below) and its other assets. Recourse against the LLP under its guarantee is limited to the Portfolio and such assets. The Issuer under the Programme was previously The Royal Bank of Scotland plc (RBS). Pursuant to a ring fencing transfer scheme under Part VII of the Financial Services and Markets Act 2000 (the Ring Fencing Transfer Scheme), certain elements of RBS's business were transferred to National Westminster Bank Plc. Following the approval of the Ring Fencing Transfer Scheme by the Court of Session in Scotland, all accrued rights and obligations of RBS in its various capacities under the Programme, including as Issuer, but excluding the roles of Arranger and Dealer have been transferred to, and vested in or became liabilities of (as applicable), National Westminster Bank Plc.
    [Show full text]
  • Natwest Holdings Limited Annual Report and Accounts 2020 Strategic Report
    NatWest Holdings Limited Annual Report and Accounts 2020 Strategic report Central items & other includes corporate functions, such as treasury, Page finance, risk management, compliance, legal, communications and Strategic report human resources. NWB Plc, NWH Ltd’s largest subsidiary, is the main Presentation of information 2 provider of shared services and Treasury activities for NatWest Group. Principal activities and operating segments 2 The services are mainly provided to NWH Group however, in certain Description of business 2 instances, where permitted, services are also provided to the wider Performance overview 2 NatWest Group including the non ring-fenced business. Stakeholder engagement and s.172(1) statement 3 Description of business Board of directors and secretary 6 Business profile Financial review 7 As at 31 December 2020 the business profile of the NWH Group was Risk and capital management 10 as follows: Report of the directors 76 Total assets of £496.6 billion. Statement of directors’ responsibilities 81 A Common Equity Tier 1 (CET1) ratio at 31 December 2020 of Financial statements 82 17.5% and total risk-weighted assets (RWA) of £135.3 billion. Customers are served through a UK and Irish network of Presentation of information branches and ATM services, and relationship management NatWest Holdings Limited (‘NWH Ltd’) is a wholly owned subsidiary of structures in commercial and private banking. NatWest Group plc, or ‘the holding company’ (renamed The Royal Bank of Scotland Group plc on 22 July 2020). NatWest Holdings The geographic location of customers is predominately the UK Group (‘NWH Group’) comprises NWH Ltd and its subsidiary and and Ireland.
    [Show full text]
  • Preliminary Announcement of 2003 Annual Results the ROYAL BANK of SCOTLAND GROUP Plc
    Annual Results 2003 Preliminary Announcement of 2003 Annual Results THE ROYAL BANK OF SCOTLAND GROUP plc CONTENTS Page Results summary 2 2003 Highlights 3 Group Chief Executive's review 4 Financial review 8 Summary consolidated profit and loss account 11 Divisional performance 12 Corporate Banking and Financial Markets 13 Retail Banking 15 Retail Direct 17 Manufacturing 18 Wealth Management 19 RBS Insurance 20 Ulster Bank 22 Citizens 23 Central items 25 Average balance sheet 26 Average interest rates, yields, spreads and margins 27 Statutory consolidated profit and loss account 28 Consolidated balance sheet 29 Overview of consolidated balance sheet 30 Statement of consolidated total recognised gains and losses 32 Reconciliation of movements in consolidated shareholders' funds 32 Consolidated cash flow statement 33 Notes 34 Additional analysis of income, expenses and provisions 40 Asset quality 41 Analysis of loans and advances to customers 41 Cross border outstandings 42 Selected country exposures 42 Risk elements in lending 43 Provisions for bad and doubtful debts 44 Market risk 46 Regulatory ratios and other information 47 Additional financial data for US investors 48 Forward-looking statements 49 Contacts 50 1 THE ROYAL BANK OF SCOTLAND GROUP plc RESULTS SUMMARY 2003 2002 Increase £m £m £m % Total income 19,229 16,815 2,414 14% --------- --------- ------- Operating expenses* 8,389 7,669 720 9% -------- ------- ----- Operating profit before provisions* 8,645 7,796 849 11% -------- ------- ----- Profit before tax, goodwill amortisation and integration costs 7,151 6,451 700 11% -------- -------- ----- Profit before tax 6,159 4,763 1,396 29% -------- -------- ------- Cost:income ratio** 42.0% 44.0% --------- --------- Basic earnings per ordinary share 79.0p 68.4p 10.6p 15% -------- -------- ------- Adjusted earnings per ordinary share 159.3p 144.1p 15.2p 11% --------- --------- ------- Dividends per ordinary share 50.3p 43.7p 6.6p 15% -------- -------- ------ * excluding goodwill amortisation and integration costs.
    [Show full text]
  • Annual Results 2002 the ROYAL BANK of SCOTLAND GROUP Plc
    _______________________________________________ Annual Results 2002 THE ROYAL BANK OF SCOTLAND GROUP plc CONTENTS Page Results summary 2 2002 Highlights 3 Group Chief Executive’s review 4 Financial review 7 Summary consolidated profit and loss account 10 Divisional performance 11 Corporate Banking and Financial Markets 12 Retail Banking 13 Retail Direct 14 Manufacturing 15 Wealth Management 16 Direct Line Group 17 Ulster Bank 18 Citizens 19 Central items 20 Average balance sheet 21 Average interest rates, yields, spreads and margins 22 Integration information 23 Statutory consolidated profit and loss account 25 Consolidated balance sheet 27 Overview of consolidated balance sheet 28 Statement of consolidated total recognised gains and losses 30 Reconciliation of movements in consolidated shareholders' funds 30 Consolidated cash flow statement 31 Notes 32 Asset quality Analysis of loans and advances to customers 40 Cross border outstandings 41 Selected country exposures 41 Risk elements in lending 42 Provisions for bad and doubtful debts 43 Market risk 45 Regulatory ratios and other information 46 Additional financial data for US investors 47 Forward-looking statements 48 Contacts 49 1 THE ROYAL BANK OF SCOTLAND GROUP plc RESULTS SUMMARY 2002 2001 (restated) £m £m Increase Total income 16,815 14,558 16% -------- -------- Operating expenses 7,669 6,841 12% -------- -------- Operating profit before provisions 7,796 6,769 15% -------- -------- Profit before tax, goodwill amortisation and integration costs 6,451 5,778 12% -------- -------- Profit before tax 4,763 4,252 12% -------- -------- Cost:income ratio 45.6% 47.0% - -------- -------- Adjusted earnings per ordinary share 144.1p 127.9p 13% -------- -------- Dividends per ordinary share 43.7p 38.0p 15% -------- -------- Sir George Mathewson, Chairman of The Royal Bank of Scotland Group plc, said:- “In 2002 the Group continued to make good progress.
    [Show full text]
  • Living in a 1% World
    LivingLiving inin aa 1%1% WorldWorld FredFred GoodwinGoodwin GroupGroup ChiefChief ExecutiveExecutive Slide 2 Living in a 1% World 1% World Stakeholder pensions Sandler regulated products Slide 3 Living in a 1% World Implications for RBS Lower margins on long term savings Less than 1% of RBS income from long term savings Higher volumes of distribution of long term savings Simpler products, processes better for bank distribution Slide 4 Living in a 1% World What are the required characteristics for growth? Slide 5 Required Characteristics for Growth Organic growth – Large distribution capacity – Multiple brands – Low market shares – Effective sales processes – Able to grow new businesses – Diversity of income Acquisitions – Able to make good acquisitions – Good at integration of acquisitions Efficiency – Able to improve efficiency Slide 6 Large Distribution Capacity Distribution Channels UK Ranking Branches #1 Supermarkets #1 Telephone #1 = Internet #? (large) ATMs #1 Relationship Managers #1 Source: Company Accounts, CACI and Link Slide 7 Multiple Brands Multi-Brand, Multiple Channel Strategy Slide 8 Multiple Brands Multi-Brand, Multiple Channel Strategy Appeals to different customer groups Allows different product variants, pricing Gives flexibility for future Allows management autonomy Slide 9 Low Market Shares UK Market Shares Total RBS Current accounts 21% Savings accounts 8% Personal loans 10% Mortgages 5% Credit cards 17% Life insurance 2% Motor insurance 16%* Home insurance 13%* Small business relationships 30%
    [Show full text]
  • Download PDF File of Archived Presentations Archived 04 Oct 2004
    SirSir FredFred GoodwinGoodwin GroupGroup ChiefChief ExecutiveExecutive Slide 3 RBS Group Structure CUSTOMERS • Coutts •Direct Line •RBS Cards •Personal •Personal •Large Corporates - RBS •Ulster Bank •Personal • NatWest Cards •Adam • Churchill • Small Business • Small Business • Mid Corporates and •First Active •Business •MINT •RSA Commercials-RBS/NW •Personal • NatWest Offshore •NIG • Lombard Direct •NW Life •Treasury - RBS •Commercial •Business •RBSI • International •DLFS •Greenwich Capital (US) • One Account •Lombard •Corporate •Tesco PF •Angel Trains • International • Specialist Businesses Wealth RBS Retail RBS NatWest CBFM Ulster Citizens Management Insurance Direct Bank MANUFACTURING Technology Operations Services Slide 4 RBS Group Structure CUSTOMERS • Coutts •Direct Line •RBS Cards •Personal •Personal •Large Corporates - RBS •Ulster Bank •Personal • NatWest Cards •Adam • Churchill • Small Business • Small Business • Mid Corporates and •First Active •Business •MINT •RSA Commercials-RBS/NW •Personal • NatWest Offshore •NIG • Lombard Direct •NW Life •Treasury - RBS •Commercial •Business •RBSI • International •DLFS •Greenwich Capital (US) • One Account •Lombard •Corporate •Tesco PF •Angel Trains • International • Specialist Businesses Wealth RBS Retail RBS NatWest CBFM Ulster Citizens Management Insurance Direct Bank MANUFACTURING Technology Operations Services Slide 5 Group Operating Profit 2003 2002 Change Change £m £m £m Corporate Banking and Financial Markets 3,620 3,261 359 +11% Retail Banking 3,126 3,019 107 +4% Retail Direct
    [Show full text]
  • Natwest Request Card Reader
    Natwest Request Card Reader Robinson reoccurred timidly as shady Warde deputised her chalcographists neologise artificially. If Grenada or lianoid Saxon usually confabulate his blowguns underwrote unqualifiedly or monopolizes damply and right-about, how fortuitous is Gus? Wobbling and slithering Ellis snuffs her delimitation reunify or incrassates prestissimo. This bank is found will not delete one of robins financial explainers, natwest card reader and a java expression that made using our Therefore saving themselves. We are follow to coming with gratitude your personal business or corporate banking needs Switch to Ulster Bank will Help mitigate What Matters. Atm Cash Codes. Credit and debit cards have gained wide acceptance as several main junction of railway for US consumers for decades now these have driven the. Replacing the card reader with biometric technology we built the UK's rst. NEW Nationwide PINsentry Security Online Banking Reader Card has Chip. It is in of an additional 1 billion to its parent bank NatWest has made implicit in the UK. NatWest and RBS customers hit by credit card glitch Royal. This a card? RBS and NatWest improve digital banking for personal. Online banking customers can cancel the requested url in slips have to pass judgement on the phone numbers to change your administrator for confirmation email. To do prompt you will tier your debit card connect card-reader Frequently Asked Questions We're sweat to guide You special request or increase by your NatWest Debit. Phone or online and mercury NEVER work for Card Reader codes on the berry or when logging in. NatWest Bankline How similar I tug A QR Smartcard Reader To.
    [Show full text]
  • UK & EU Unsupported Banks
    UK & EU Unsupported Bank List EU Unsupported Banks (Bank and Credit Cards only) UK Unsupported Banks (Bank and Credit Cards only) ABANCA (Business) (Spain) - Bank AA credit card (UK) ABANCA (Spain) - Bank AA Savings (UK) - Bank ABN AMRO (Netherlands) - Bank Abbey National (UK) - Credit Card ABN Amro Business Credit Card (Netherlands) Adam & Company (UK) - Bank Activo Bank (Portugal) Airdrie Savings Bank (UK) ActivoBank (Espana) - Banco Aldermore Business Bank (UK) Allied Irish Bank (Business) (Ireland) - Bank Aldermore Savings (UK) - Bank Allied Irish Bank (Business) (Ireland) - Credit Card Alliance & Leicester (UK) - Bank Allied Irish Bank (Ireland) - Bank Alliance & Leicester (UK) - Credit Card Allied Irish Bank (Ireland) - Credit Card Alliance Trust Savings (UK) - Bank American Express (Card Account) (Espana) - Tarjeta de Allied Irish Business Bank (UK) - Bank Credito American Express Card Amazon Credit Card (UK) American Express Cards (France) - Bank American Express Business Cards (UK) American Express Cards (Switzerland) American Express Cards (global) (UK) - Credit Card American Express Cards (Switzerland) American Express Cards (UK) American Express Cards DUTCH (Netherlands) - Bank American Express Cards Mobile (UK) - Credit Card American Express cards(NL) (Netherlands) - Credit Card aqua card (UK) American Express Credit Cards (Spain) Arbuthnot Latham (Current Account) (UK) - Bank ASN Bank (Netherlands) - Bank Arbuthnot Lathum (UK) - Bank ASN Bank (Netherlands) - Credit Card ASDA - Credit Cards (UK) AXA Banque (France) Bank of
    [Show full text]
  • List of Banking Brands – June 2021
    LIST OF BANKING AND SAVINGS BRANDS PROTECTED BY THE SAME FSCS COVERAGE COMPILED BY THE BANK OF ENGLAND AS AT 11 JUNE 2021 Please note this list is not updated on a continuous basis. It is also possible that separate firms (with different Firm Reference Numbers) are part of a group of companies that use similar brand names (i.e, a simplified common version of the firms’ legal names). If you have multiple deposits across a group of firms using similar brand names, you should check with the firms whether the £85k deposit protection limit is shared. Banking and Savings Brand PRA-authorised institution FRN Other deposit brands covered by FSCS coverage 114724 The Royal Bank of Scotland Plc 114724 RBS 114724 Adam & Company Adam & Company The Royal Bank of Scotland Plc 114724 Drummonds 114724 Child & Co 114724 Holt's 114724 The One account/Virgin One account/Nat West One account 671140 Advanced Payment Solutions Limited Advanced Payment Solutions Limited Advanced Payment Solutions Limited 671140 Cashplus 671140 Cashplus Bank 122088 AIB (NI) 122088 Allied Irish Bank (GB) AIB Group (UK) Plc AIB Group (UK) Plc 122088 Allied Irish Bank (GB) Savings Direct 122088 First Trust Bank 143336 Arbuthnot Latham & Co Limited Arbuthnot Latham & Co Limited Arbuthnot Latham & Co Limited 143336 Arbuthnot Direct 121873 Clydesdale Bank Plc 121873 B B Clydesdale Bank Plc 121873 Virgin Money 121873 Yorkshire Bank 136261 Banco Santander S.A. Banco Santander S.A. Banco Santander S.A. 136261 Santander Corporate & Investment Banking 204459 Bank and Clients PLC Bank and
    [Show full text]
  • The Royal Bank of Scotland Plc Annual Report and Accounts 2019 Strategic Report
    The Royal Bank of Scotland plc Annual Report and Accounts 2019 Strategic report Page Franchises Strategic Report In the fourth quarter of 2019, Commercial & Private Banking (CPB), Presentation of information 1 combining the reportable segments of Commercial Banking and Description of business 1 Private Banking ceased to operate as one business area and the Performance overview 1 franchise Personal & Ulster, combining the reportable segments of UK Stakeholder engagement and s.172(1) statement 2 Personal Banking and Ulster Bank RoI was also disbanded. The Board of directors and secretary 4 reportable operating segments remain unchanged and no comparatives have been restated. Financial review 5 Capital and risk management 7 Principal activities and operating segments Report of the directors 55 RBS plc serves customers across the UK with a range of retail and Statement of directors’ responsibilities 59 commercial banking products and services. A wide range of personal Financial statements 60 products are offered including current accounts, credit cards, personal loans, mortgages and wealth management services. The reportable Presentation of information operating segments are as follows: The Royal Bank of Scotland plc (‘RBS plc’) is a wholly-owned subsidiary of NatWest Holdings Limited (‘NWH Ltd’ or ‘the intermediate UK Personal Banking serves individuals and mass affluent holding company’). The term ‘NWH Group’ comprises NWH Ltd and its customers in the UK. subsidiary and associated undertakings. The Royal Bank of Scotland Group plc (‘RBSG plc’) is ‘the ultimate holding company’. The term Commercial Banking serves, start-up, SME, commercial and corporate ‘RBS Group’ comprises RBSG plc and its subsidiary and associated customers in the UK, together with small businesses.
    [Show full text]
  • RBS Ann Review 01-07
    Annual Report and Accounts 2005 Profit before tax up 21% Total Adjusted income up earnings per share up 14% 8% Dividend up 25% rbs.com Make it happen The Royal Bank of Scotland was In 2000 RBS successfully completed the £21 billion founded in Edinburgh in 1727. acquisition of NatWest, the biggest takeover in British banking history, creating a Group with over 20 million customers, £400 billion assets By 1900 it had over 130 branches in Scotland and and 110,000 employees worldwide. The NatWest had opened its first branch in London. During the integration was completed successfully in February 1920s and 30s it established a significant presence 2003, with the original targets for cost savings and in England through the acquisition of Glyn, Mills and revenue benefits exceeded. Williams Deacon’s. By 1970, having merged with the National Commercial Bank of Scotland, it was the Since the acquisition of NatWest, RBS has continued leading bank in Scotland, with over 700 branches. to grow the business through the combination of strong organic growth and acquisitions. In the US, During the 1980s RBS diversified its business, Citizens’ footprint has been expanded from New pioneering the direct distribution of motor insurance England into the Mid-Atlantic states through the through the establishment of Direct Line in 1985, acquisition of the Mellon Bank regional franchise, and entering US banking in 1988 with the acquisition and into the Midwest through the acquisition of of Citizens Bank of Rhode Island. Charter One, completed in 2004. Citizens is now one of the top ten US commercial banking In the 1990s RBS re-engineered its retail banking organisations by deposits.
    [Show full text]
  • Natwest Holdings Limited Annual Report and Accounts 2019 Strategic Report
    NatWest Holdings Limited Annual Report and Accounts 2019 Strategic report Page RBS Group ring-fencing Strategic report The UK ring-fencing legislation required the separation of essential Presentation of information 1 banking services from investment banking services from 1 January Description of business 1 2019. RBS Group has placed the majority of the UK and Ireland Principal activities and operating segments 1 banking business in ring-fenced banking entities under an intermediate Performance overview 2 holding company, NatWest Holdings Limited (NWH Ltd). Some Stakeholder engagement and s.172(1) statement 3 Western European corporate business has been transferred from the ring-fenced bank entities to NatWest Markets N.V., a subsidiary of Board of directors and secretary 5 NatWest Markets Plc (NWM Plc) and RBS Group continues to review Financial review 6 the scope of further transfers. NWM Plc and RBS International Limited Capital and risk management 9 (RBSI Ltd) are separate banks outside the ring-fence, both Report of the directors 63 subsidiaries of RBSG plc. Statement of directors’ responsibilities 67 Financial Statements 68 The principal entities under NWH Ltd are National Westminster Bank Plc (which wholly owns Ulster Bank Limited), The Royal Bank of Presentation of information Scotland plc and Ulster Bank Ireland DAC. NatWest Holdings Limited (‘NWH Ltd’) is a wholly owned subsidiary of The Royal Bank of Scotland Group plc (‘RBSG plc’ or ‘the holding RBS Group re-segmentation company’). NatWest Holdings Group (‘NWH Group’) comprises NWH Effective from 1 January 2019 Business Banking was transferred from Ltd and its subsidiary and associated undertakings. National UK Personal & Business Banking (UK PBB) to Commercial Banking as Westminster Bank Plc (NWB Plc), The Royal Bank of Scotland plc the nature of the business, including distribution channels, products (RBS plc) and Ulster Bank Ireland DAC (UBI DAC) are wholly owned and customers were more closely aligned to the Commercial Banking subsidiaries.
    [Show full text]