102-846: Williams & Glyn's Bank Limited was established in London in 1970, when the Royal Bank of Scotland merged its two subsidiaries in England and Wales , Williams Deacon's Bank Ltd. and Glyn, Mills & Co. In 1985, Williams & Glyn's was fully absorbed into the Royal Bank of Scotland and ceased to trade separately. Williams & Glyn later returned as a division of The Royal Bank of Scotland (RBS) and National Westminster Bank (NatWest), consisting of 307 RBS branches in England and Wales and NatWest branches in Scotland . The division
204-510: A European Commission ruling to sell a portion of its business, as the commission regarded the shareholding as state aid . Royal Bank of Scotland unveiled plans in 2009 to resurrect the dormant Williams and Glyn's brand name in preparation for the divestment of its Royal Bank of Scotland-branded retail banking business in England and its NatWest branches in Scotland. On 27 September 2013,
306-563: A Mr. Vesey, army agent to the 23rd Regiment of (Light) Dragoons , in Dublin in 1802. Holt's currently serves 35,000 British military personnel customers and manages 900 non-public business banking accounts. William Kirkland began as army agent to the 1st (Royal) Regiment of Foot in 1809. In 1815, he was succeeded by his brother, Nugent Kirkland, who was joined by his nephew John Kirkland in 1822 and retired from business in 1825. Nugent Kirkland brought with him Vesey's Irish agency, having been
408-638: A banking business transfer scheme approved by the Court of Session in Edinburgh. Child & Co. also closed in 2022, leaving Messrs. Drummond and Holt's Military Banking as the only remaining branches of RBS operating in England and Wales. As a consequence of the British Government taking an 81% shareholding in the RBS Group following the 2007–2008 financial crisis , the group was required by
510-599: A full range of banking and insurance services to personal, business, and commercial customers. As well as traditional branches, phone, and internet banking, Royal Bank of Scotland has operated "mobile branches" since 1946 using converted vans to serve rural areas. There are currently 19 mobile branches. The bank is authorised by the Prudential Regulation Authority and regulated by both the Financial Conduct Authority and
612-507: A fund aimed at increasing SME lending by challenger banks and for RBS agreeing to allow SME customers of challenger banks to use its branch network for cash and cheque handling. The European Commission agreed in principle to the new proposals in July 2017, but the amount to be used to increase competition in the UK SME banking sector was increased to £833 million. This plan was formally approved by
714-560: A means of payment throughout Scotland and the rest of the United Kingdom; although they do not have the status of legal tender they are accepted as promissory notes . No paper money is legal tender in Scotland, even that issued by the Bank of England (which is legal tender in England and Wales). From May 2020 RBS began to replace the “Ilay” series with the new “Fabric of Nature” series of polymer banknotes. The first polymer notes,
816-577: A number of informal offers for the bank, and would seek to complete a sale by the end of 2017. HM Treasury subsequently announced it had asked the Competition and Markets Authority to suspend a review into how competitive the bank would be in the UK banking sector. On 5 August 2016, RBS published details of the group's half-yearly financial results, revealing a £2.05 billion loss for the first half of 2016. RBS Group blamed historically low interest rates and
918-462: A price of just 31.6 pence per pre-consolidation share. The bonus payments paid to Royal Bank of Scotland staff subsequent to the 2008 United Kingdom bank rescue package caused controversy. Staff bonuses were nearly £1 billion in 2010, even though Royal Bank of Scotland reported losses of £1.1 billion for 2010. More than 100 senior bank executives were paid in excess of £1 million each in bonuses. Consequently, former CEO Fred Goodwin
1020-417: A result. In early 2018, The Royal Bank of Scotland Group announced its plans for restructuring to comply with new UK-wide rules on ring-fencing retail banking operations from investment banking operations. As part of this restructuring, all retail banking assets of the existing Royal Bank of Scotland plc were transferred to Adam and Company plc on 30 April 2018, which assumed the Royal Bank of Scotland name in
1122-578: A separate business, stating that the new bank could not survive independently. It revealed it would instead seek to sell the operation to another bank. Santander had abandoned talks in September 2016. CYBG plc , owner of Clydesdale Bank and Yorkshire Bank , confirmed in October 2016 that it had made what it described as a "preliminary non-binding proposal" for the unit. In the same month RBS confirmed that it would be unable to sell Williams & Glyn by
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#17327723444351224-514: A standalone business under the Williams & Glyn's name. By May 2015, the total number of branches included in the new business had been reduced to 307. In October 2015, the RBS Group submitted an application for a banking licence for the new bank. The group also published its transition plan for the launch of Williams & Glyn. According to the plan, a website for the new bank would have been launched and branch signage would have been changed to
1326-662: A substantial force in Lancashire banking and by 1890 it had over 45 branches. In that year it acquired Williams Deacon, primarily to obtain the latter's seat on the London Bankers' Clearing House . The registered office was moved to London but the head office remained in Manchester. The bank also changed its name to Williams Deacon & Manchester & Salford Bank, shortened to Williams Deacon's Bank in 1901. The enlarged bank continued to expand but its commitment to
1428-506: A transition in which CEO Stephen Hester would stand down in December 2013 for the financial institution "to return to private ownership by the end of 2014". For his part in the procession of the transition, Hester received 12 months' pay and benefits worth £1.6 million, as well as the potential for £4 million in shares. The Royal Bank of Scotland stated that, as of the announcement, the search for Hester's successor would commence. Hester
1530-702: Is a member of the Financial Ombudsman Service, UK Payments Administration and of the British Bankers' Association ; it subscribes to the Lending Code . The bank is covered by the Financial Services Compensation Scheme with The One account , Drummonds Bank and Holt's Military Banking under one licence. The Royal Bank of Scotland Group uses branding developed for the Bank on its merger with
1632-553: Is completely separate from the fellow Edinburgh-based bank, the Bank of Scotland , which pre-dates the Royal Bank by 32 years. The Royal Bank of Scotland was established to provide a bank with strong Hanoverian and Whig ties. Following ringfencing of the Group's core domestic business, the bank became a direct subsidiary of NatWest Holdings in 2019. NatWest Markets comprises the Group's investment banking arm. To give it legal form,
1734-630: The British government referred both bids to the Monopolies and Mergers Commission ; both were subsequently rejected as being against the public interest. The Bank did obtain an international partnership with Banco Santander Central Hispano of Spain, each bank taking a 5% stake in the other. However, this arrangement ended in 2005, when Banco Santander Central Hispano acquired UK bank Abbey National – and both banks sold their respective shareholdings. The first international office of
1836-519: The Church of England invested £600 million into the business in September 2013, in exchange for equity once the bank was floated in an initial public offering (IPO). On 5 August 2016, RBS Group announced it had abandoned plans to spin off Williams & Glyn as a stand-alone business, stating that the new bank could not survive on its own due to Brexit . The group was to sell the unit to another bank as an asset transfer. In February 2017, HM Treasury and
1938-693: The Drummonds Bank business in 1992. In 1939, the bank was purchased by Royal Bank of Scotland, which became known as the Three Banks Group. The National Bank of Ireland was founded in London in 1835, becoming The National Bank Limited in 1859. The bank's core Irish business was divested to the Governor and Company of the Bank of Ireland as National Bank of Ireland in 1966. The remaining branches in England and Wales were acquired by National Commercial Bank of Scotland (itself formed by
2040-473: The Inter-Alpha Group of Banks , of which RBS Group remains a member, to exploit opportunities in the then European Economic Community . In 2000, the Royal Bank of Scotland Group acquired National Westminster Bank in a hostile takeover . In 2009 it was announced that all 311 Royal Bank branches in England and Wales together with the seven Scottish branches of NatWest were to be divested by
2142-725: The National Commercial Bank of Scotland to form the National and Commercial Banking Group. While the Scottish branches were merged into the Royal Bank, Glyn, Mills & Co. and Williams Deacon's Bank were merged with the English branches of the National Bank (a National Commercial subsidiary) to form Williams and Glyn's Bank . As there was no longer any advantage in operating separately, Williams and Glyn's
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#17327723444352244-603: The National and Commercial Banking Group , with 662 branches in Scotland, which all transferred to the Royal Bank name. The holding company was renamed The Royal Bank of Scotland Group in 1979 and became NatWest Group in July 2020. The expansion of the British Empire in the latter half of the nineteenth century saw the emergence of London as the largest financial centre in the world, attracting Scottish banks to expand southward into England. The first London branch of
2346-562: The Royal Navy , through the 1915 acquisition of naval agents Woodhead & Co. and with the Royal Air Force , through the offer of part of the newly-formed service's pay agency to Holt & Co. in 1918. Following Sir Vesey's death in 1921, Holt & Co. merged with the private bank of Glyn, Mills, Currie & Co., briefly becoming Glyn, Mills, Currie, Holt & Co. until a further merger with Child & Co. in 1924, when
2448-745: The UAE , Qatar , Singapore and Hong Kong . The terms of the sale were not announced. The operations being sold has CHF 32-billion of client assets under management. Royal Bank of Scotland will continue to offer private banking and wealth management in the British Isles, as well as to international clients with a strong connection to the UK. On 20 March 2017, the British paper The Guardian reported that hundreds of banks had helped launder KGB -related funds out of Russia , as uncovered by an investigation named Global Laundromat . The Royal Bank of Scotland
2550-741: The United States , and from 2005 to 2009 RBS Group was the second-largest shareholder in the Bank of China , itself the world's fifth-largest bank by market capitalisation in February 2008. Following the implosion of the Royal Bank of Scotland in 2008 while under the direction of directors at its Edinburgh headquarters, and its rescue by taxpayer funds, it became a subsidiary of the UK Government. On 20 January 2011, Royal Bank of Scotland were fined £28.58 million for anti-competitive practices that were enacted with Barclays in relation to
2652-768: The Williams F1 team from 2005 until the end of 2010. They also were the title sponsor for the Canadian Grand Prix from 2005 until the end of 2008. They have supported tennis player Andy Murray since he was aged 13. In 2007, Royal Bank of Scotland was promoted itself as "The Oil & Gas Bank" including hosting a website www.oilandgasbank.com. A Platform London report estimated that the carbon emissions embedded within Royal Bank of Scotland' project finance reached 36.9 million tonnes in 2005, comparable to Scotland's carbon emissions. Royal Bank of Scotland helped to provide an estimated £8 billion from 2006 to 2008 to
2754-454: The "Alternative Remedies Package", was ultimately reached with the College of European Commissioners in September 2017, allowing RBS Group to retain the Williams & Glyn assets and bringing the sale process to a close. After creating the fund, RBS considered relaunching Williams & Glyn as a new brand, but risks led to the bank abandoning the idea, closing 162 branches by June of 2018 as
2856-476: The 1959 merger of National Bank of Scotland and Commercial Bank of Scotland ), although they continued to trade separately. In 1969, National Commercial Bank merged with the Royal Bank of Scotland and, in 1970, the National Bank branches became part of the newly formed Williams & Glyn's Bank, consolidating their interests south of the border. In 1972, Williams & Glyn's and five other banks formed
2958-443: The 1960s, although various cross-border acquisitions were permitted. The Royal Bank's English expansion plans were resurrected after World War I when it acquired various small English banks, including London-based Drummonds Bank (in 1924), which continued as a branch of the Royal Bank of Scotland; Williams Deacon's Bank , based in northwestern England (in 1930) and Glyn, Mills & Co. (in 1939), which together came to be known as
3060-452: The 1969 arrows logo and branding. The background graphic on both sides of the notes was a radial star design which was based on the ornate ceiling of the banking hall in the old headquarters building, designed by John Dick Peddie in 1857. On the back of the notes were images of Scottish castles , with a different castle for each denomination: As of 30 September 2022 the Ilay series
3162-571: The 23rd Dragoons's Paymaster. In 1818, John Kirkland had been appointed by HRH The Duke of Kent as agent of the 7th (Royal Fusiliers) Regiment of Foot and, in 1824, Lord Palmerston appointed him General Agent for the War Office . The role of army agent involved keeping the accounts of regiments, distributing pay and subsidies, dealing in supplies of clothing and equipment and administering claims for pensions and injury. In 1863, Vesey Weston Holt
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3264-461: The Bank of Scotland was able to start redeeming its notes again, with interest, and in March 1729, it resumed lending. To prevent similar attacks in the future, the Bank of Scotland put an "option clause" on its notes, giving it the right to make the notes interest-bearing while delaying payment for six months; the Royal Bank followed suit. Both banks eventually decided that the policy they had followed
3366-573: The European Commission in September 2017. RBS ultimately avoided the sale by deal-making with the government, earning approval to reintegrate Williams & Glyn and the associated branch network into its core bank. As an alternative to divesting of Williams & Glyn, RBS agreed to create a $ 1 billion fund to support competing companies, as part of an agreement with the Treasury and the European Commission. A final agreement, known as
3468-404: The European Commission reached a provisional agreement in which RBS would be able to retain the Williams & Glyn assets in return for investing £833 million into a fund aimed at increasing small and medium-sized enterprise (SME) lending by challenger banks and for RBS agreeing to allow SME customers of challenger banks to use its branch network for cash and cheque handling. A final agreement for
3570-586: The National Commercial Bank of Scotland in 1969. The Group's logo takes the form of an abstract symbol of four inward-pointing arrows known as the " Daisy Wheel " and is based on an arrangement of 36 piles of coins in a 6 by 6 square, representing the accumulation and concentration of wealth by the Group . The Daisy Wheel logo was later adopted by Royal Bank of Scotland Group subsidiaries Ulster Bank in Ireland, Citizens Financial Group in
3672-667: The Prudential Regulation Authority. It participates fully in the Faster Payments Service , an initiative to speed up certain payments, launched in 2008. In 2006, The Royal Bank of Scotland Group undertook the first trial of PayPass contactless debit and credit cards in Europe. The bank is introducing Visa Debit cards with the technology for current accounts, which can be used to pay for purchases up to £30 by tapping an enabled card on
3774-473: The RBS initialism, with both appearing on bank signage. In spring 2014 the full bank name returned to print and television advertising in the form of a new logo with the omission of "The". In August 2016, Ross McEwan confirmed that the bank would use the full name for its business in Scotland in lieu of the RBS acronym, to distance the bank from its previous global expansion plans. Royal Bank of Scotland sponsored
3876-640: The Royal Bank of Scotland Group confirmed it had agreed to sell 308 Royal Bank of Scotland branches in England and Wales and 6 NatWest branches in Scotland to the Corsair consortium. The branches were due to be divested from the group in 2016 as a standalone business operating under the Williams & Glyn name, although, in August 2016, RBS cancelled the spin-off plan, stating that the new bank could not survive independently. It revealed it would instead seek to sell
3978-670: The Royal Bank of Scotland name in the process. Adam and Company continued as an RBS private banking brand in Scotland, along the same lines as the Messrs. Drummond and Child & Co . businesses in England. As part of the restructuring and brand management, it was decided that NatWest would become RBS Group's primary customer-facing brand in England and Wales . As a result, all Royal Bank of Scotland branded branches in England and Wales were closed as they were located close to NatWest branded branches, which customers would be able to use for counter services instead. On 14 February 2020, it
4080-456: The Royal Bank of Scotland opened in 1874. However, English banks moved to prevent further expansion by Scottish banks into England; and, after a government committee was set up to examine the matter, the Scottish banks chose to drop their expansion plans. An agreement was reached, under which English banks would not open branches in Scotland and Scottish banks would not open branches in England outside London. This agreement remained in place until
4182-438: The Royal Bank of Scotland stock price went from a high of over 6,900 pence in early 2007 (taking into account a 3 for 1 reverse stock split that took place later that year) to around 120 pence February 2009 and up to 187 pence by December 2011. In 2012 RBS shares were consolidated on a 1 for 10 basis. The Stock has not recovered from the financial shock of early 2009 and is currently at 316 pence (30 October 2015.) This equated to
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4284-531: The Royal Bank of Scotland, with Archibald Campbell, Lord Ilay , appointed its first governor. On 31 May 1728, the Royal Bank of Scotland invented the overdraft , which was later considered an innovation in modern banking. It allowed William Hogg, a merchant in the High Street of Edinburgh, access to £ 1,000 (£170,833 in today's value) credit. Competition between the Old and New Banks was fierce and centred on
4386-430: The Three Banks Group; the English and Welsh branches were reorganised as Williams & Glyn's Bank in 1969, before adopting the Royal Bank name in 1985. During the late 1970s and early 1980s, the Royal Bank was the subject of three separate takeover approaches. In 1979, Lloyds Bank , which had previously built up a 16.4% stake in the Royal Bank, made a takeover approach for the remaining shares it did not own. The offer
4488-540: The United States and, until it was sold in 2010, payment processing company Worldpay . From 2003, the bank began to move away from referring to both the Group brand and its retail banking brand as "The Royal Bank of Scotland", instead of using the "RBS" initialism. This was intended to support the positioning of the bank as a Global financial services player as opposed to its roots as a national bank, however, "The Royal Bank of Scotland" continued to be used alongside
4590-548: The Western Bank were acquired following its collapse in 1857; the Dundee Banking Company was acquired in 1864. By 1910, the Royal Bank of Scotland had 158 branches and around 900 staff. By 1969, economic conditions were becoming more difficult for the banking sector. In response, the Royal Bank of Scotland merged with National Commercial Bank of Scotland . The merger resulted in a new holding company ,
4692-443: The Williams & Glyn assets and bringing the sale process to a close. In May 2018, it was announced that 162 RBS branches in England or Wales that were to have become Williams & Glyn would be closed, resulting in almost 800 job losses, with customers able to use nearby NatWest branches for counter services instead. The closure of a further 54 branches was announced in September 2018 with an expected loss of 258 jobs. Up until
4794-534: The Williams & Glyn identity, which would have initially operated as a trading name used by Royal Bank of Scotland plc in England and in Wales and National Westminster Bank plc in Scotland. In the lead up to the formal launch of the new bank, which was expected in early 2017, customers would have been able to access Williams & Glyn branded internet, mobile and telephone banking services, and would have received new branch sorting codes and new debit cards. To facilitate
4896-467: The bank name would be shortened to Williams & Glyn owing to the difficulty of using an apostrophe in branding and website addresses. The original Williams and Glyn's Bank was formed by merging Williams Deacon's Bank with Glyn, Mills & Co. A logo for Williams and Glyn was designed by Landor Associates in April 2014. The logo featured the words "Williams" and "Glyn" joined by a large ampersand . This
4998-577: The bank was opened in New York in 1960. Subsequent international banks were opened in Chicago, Los Angeles, Houston , and Hong Kong. In 1988 the bank acquired Citizens Financial Group, a bank based in Rhode Island , United States. Since then, Citizens has acquired several other American banks and in 2004 acquired Charter One Bank . From 1988 to 2015, it owned Citizens Financial Group , a bank in
5100-453: The building, designed by John Dick Peddie , was added in 1857; it features a domed roof, painted blue internally, with gold star-shaped coffers. The banking hall continues in use as a branch of the bank, and Dundas House remains the registered head office of the bank to this day. The rest of the nineteenth century saw the bank pursue mergers with other Scottish banks, chiefly as a response to failing institutions. The assets and liabilities of
5202-412: The camp, including at RBS branches in the surrounding area. 82 percent of Royal Bank of Scotland's shares were acquired by the UK government as part of the 2008 United Kingdom bank rescue package . The UK Government bought Royal Bank of Scotland stock for £42 billion, representing 50 pence per share. In 2011, the shares were worth 19 pence, representing a taxpayer book loss of £26 billion. Historically,
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#17327723444355304-662: The company's AGM were targeted by protests, and a boycott of the bank was promoted, between 2007 and 2011. A number of groups were involved including Platform London , People & Planet , the World Development Movement , Friends of the Earth and Friends of the Earth Scotland . In August 2010 Climate Camp UK held a week-long camp in the parkland around RBS' global headquarters at Gogarburn, Edinburgh. A number of disruptive protests took place during
5406-422: The compensation they received as part of the arrangements of the 1707 Acts of Union . The "Equivalent Society" became the "Equivalent Company" on 21 November 1724, and the new company wished to move into banking. The British government received the request favourably as the "Old Bank", the Bank of Scotland , was suspected of having Jacobite sympathies. Accordingly, the "New Bank" was chartered on 31 May 1727 as
5508-530: The deadline for initial bids on 7 April, Santander Group , Virgin Money , National Australia Bank , BBVA and the private equity firm JC Flowers were all confirmed to have submitted bids for consideration. As a condition of the British Government purchasing an 81% shareholding in the group in 2009, the European Commission ruled that RBS sell a portion of its business, as the purchase
5610-610: The declining cotton industry after World War I , exacerbated by the effects of the Great Depression , stretched its own finances and, encouraged by the Bank of England , Williams Deacon's was acquired by the Royal Bank of Scotland in 1930. Glyn, Mills & Co. was founded as the private bank, Vere, Glyn & Hallifax , in the City of London in 1753 by Joseph Vere, Richard Glyn and Thomas Hallifax. The Vere family interest ended in 1766; William Mills joined in 1772; and when
5712-453: The division to another bank. In February 2017, HM Treasury suggested that the bank should abandon the plan to sell the division, and instead focus on initiatives to boost competition within business banking in the United Kingdom. The plan would be subject to approval by the European Commission. A final agreement, known as the "Alternative Remedies Package", was reached with the European Commission in September 2017, allowing RBS Group to retain
5814-516: The end of 2017, potentially giving the European Commission the right to take control of the sales process. By December 2016, both Santander and CYBG had scaled back their bids, citing issues with integrating the six NatWest branches in Scotland, and with integrating large corporate customers. RBS instead started exploring selling other assets or closing branches that it could not sell thus requiring customers based at those branches to find alternative banking arrangements. From 2015 to 2017, Jim Brown
5916-401: The end of the year. The closure of a further 54 branches was announced in September 2018 with an expected loss of 258 jobs. In July 2020 the Royal Bank of Scotland Group rebranded itself as NatWest Group, with the bank continuing to operate as NatWest and Williams & Glyn outside of Scotland. Initially planned to be called Williams & Glyn's Bank , it was announced in December 2013 that
6018-414: The energy corporation E.ON and other coal-utilizing companies. In 2012, 2.8% of Royal Bank of Scotland' total lending was provided to the power, oil and gas sectors combined. According to Royal Bank of Scotland' own figures, half of its deals to the energy sector were to wind power projects; although, this only included project finance and not general commercial loans. Responding to this RBS branches and
6120-414: The fallout from the UK's 2016 United Kingdom European Union membership referendum with uncertainties caused by the pro- Brexit result. These result indicated, according to RBS, that Williams & Glyn would not prosper as an independent bank. Instead, Reuters reported that Santander UK was interested in buying the unit outright. In August 2016, RBS cancelled its plan to spin off Williams & Glyn as
6222-462: The first governor of the bank. The image was based on a portrait of Lord Ilay painted in 1744 by the Edinburgh artist Allan Ramsay . The front of the notes also included an engraving of the facade of Dundas House , the mansion of Sir Laurence Dundas in St. Andrew Square, Edinburgh , which was built by Sir William Chambers in 1774 and later became the bank's headquarters; the bank's coat of arms ; and
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#17327723444356324-552: The first part of the nineteenth century. In 1821, the bank moved from its original head office in Edinburgh's Old Town to Dundas House , on St. Andrew Square in the New Town . The building as seen along George Street forms the eastern end of the central vista in New Town. It was designed for Sir Lawrence Dundas by Sir William Chambers as a Palladian mansion, completed in 1774. An axial banking hall (Telling Room) behind
6426-549: The former RBS entity was renamed NatWest Markets in 2018; at the same time Adam and Company (which held a separate PRA banking licence) was renamed The Royal Bank of Scotland, with Adam and Company continuing as an RBS private banking brand until 2022. The bank traces its origin to the Society of the Subscribed Equivalent Debt, which was set up by investors in the failed Company of Scotland to protect
6528-406: The immediate pressure on the Bank of Scotland at the cost of substantial damage to its reputation and gave the Royal Bank a clear space to expand its own business – although the Royal Bank's increased note issue also made it more vulnerable to the same tactics. Despite talk of a merger with the Bank of Scotland, the Royal Bank did not possess the wherewithal to complete the deal. By September 1728,
6630-469: The issue of banknotes. The policy of the Royal Bank was to either drive the Bank of Scotland out of business or take it over on favourable terms. The Royal Bank built up large holdings of the Bank of Scotland's notes, which it acquired in exchange for its own notes, then suddenly presented to the Bank of Scotland for payment. To pay these notes, the Bank of Scotland was forced to call in its loans and, in March 1728, to suspend payments. The suspension relieved
6732-846: The key issue being that the Scottish version of Royal Bank of Scotland would become a subsidiary to the London-based holding company. Therefore, tax would be paid chiefly through the London-based company, thus depriving Scotland of significant revenues. This would break a near 300-year period in which the Royal Bank of Scotland has been headquartered in Edinburgh . In March 2015, Royal Bank of Scotland agreed to sell its internationally managed private banking and wealth management business to Switzerland 's Union Bancaire Privée UBP SA . The sale includes client relationships managed under Coutts and Adam and Company brands in Switzerland , Monaco ,
6834-484: The last of the Hallifaxes departed in 1851 the Bank became known as Glyn, Mills & Company. Acquisitions included Currie's in 1864, Holt & Co. in 1923 and Child & Co. in 1924. Child & Company, founded in the 1580s, remains part of RBS Group Wealth Management today. In 1923, it also acquired the private military bank Holt & Co. founded in 1809, which continued to trade separately until merged into
6936-427: The many similarities, has extended its proposition to Foreign and Commonwealth Office diplomatic and consular staff. It also provides financial services expertise to Royal Navy Ships and Bases, British Army Regiments and Corps and to Royal Air Force Stations, as well as a number of military associations and charities. In 2015, Holt’s Military Banking, National Westminster Bank and The Royal Bank of Scotland signed
7038-639: The middle of the 19th century, privately owned banks in Great Britain and Ireland were permitted to issue their own banknotes, and money issued by provincial Scottish, English, Welsh and Irish banking companies circulated freely as a means of payment. While the Bank of England eventually gained a monopoly for issuing banknotes in England and Wales, Scottish banks retained the right to issue their own banknotes and continue to do so to this day. The Royal Bank of Scotland, along with Clydesdale Bank and Bank of Scotland , still prints its own banknotes . Notes issued by Scottish banks circulate widely and may be used as
7140-426: The name was shortened to Glyn, Mills & Co. , with both Holt's and Child's carrying on as separate operations. The squirrel emblem, still in use today, dates back to at least the 1920s. In 1931, Glyn, Mills & Co. was acquired by The Royal Bank of Scotland and Holt's and Child's continued as branches of Glyn, Mills & Co. The Royal Bank of Scotland had acquired the struggling Williams Deacon's Bank (and
7242-406: The obverse, with a quote from her work 'The Connection of the Physical Sciences', and Burntisland beach in the background. The reverse displays two otters and an excerpt from the poem ‘Moorings’ by Norman MacCaig . Prior to the current polymer series, the Royal Bank "Ilay" series of banknotes were in circulation, so-called because each denomination featured a picture of Lord Ilay (1682–1761),
7344-581: The part of the Royal Bank of Scotland plc that was to have become Williams & Glyn was composed of: Royal Bank of Scotland The Royal Bank of Scotland plc ( Scottish Gaelic : Banca Rìoghail na h-Alba ) is a major retail and commercial bank in Scotland . It is one of the retail banking subsidiaries of NatWest Group , together with NatWest (in England and Wales ) and Ulster Bank . The Royal Bank of Scotland has around 700 branches, mainly in Scotland, though there are branches in many larger towns and cities throughout England and Wales. The bank
7446-401: The partnership of Raymond, Williams, Vere, Lowe and Fletcher was first recorded. It ceased payment in 1825 and was reconstituted with different shareholders as Williams, Deacon, Labouchere & Co, before finally becoming Williams Deacon in 1882. It was acquired by the Manchester & Salford Bank in 1890. The Manchester & Salford Bank was founded in 1836 as a joint stock bank and became
7548-683: The prestigious Western Branch of the Bank of England ) in 1930 and the combined company came to be known as the Three Banks Group. During the Second World War , the banking and pay departments were evacuated to Osterley Park, near Isleworth, then on the outskirts of London. The pay agency accounts increased from 2,600 in 1930 to 9,900 in 1939 and 42,600 by 1945. After the war, the pay and ledger departments were moved again to new offices at Lampton, near Osterley. In 1969, The Royal Bank of Scotland merged with
7650-536: The pricing of loan products for large professional services firms. Also in 2011, Royal Bank of Scotland prevented Basic Account holders from using the ATMs of most rival banks (although they could still use those of NatWest , Tesco , Morrisons and the Post Office ). In June 2012, computer problems prevented customers accessing accounts. Royal Bank of Scotland released a statement on 12 June 2013 that announced
7752-803: The process. Afterwards, in September 2018, RBS said it was in relation to the failed spinoff of the Williams & Glyn brand that it was shuttering 54 branches. RBS said it was closing branches close to each other to reduce overlap, with the branches officially closed in January 2019. The BBC quoted the Unite union criticizing the move, in part for limiting easy access to disabled and elderly customers. The closures left 54 RBS branches in England and Wales total. As part of its brand management strategy, RBS group has decided that NatWest should become its primary customer facing brand in England and Wales and Royal Bank of Scotland its core brand in Scotland. In April 2018, it
7854-511: The resurrected Williams & Glyn name. In February 2017, HM Treasury suggested that the bank should abandon the plan to sell the operation, and instead focus on initiatives to boost competition within business banking in the United Kingdom. In that month the HM Treasury and the European Commission reached a provisional agreement in which RBS Group would be able to retain the Williams & Glyn assets in return for investing £750 million into
7956-680: The retailer's terminal. In an effort to enhance security, Royal Bank of Scotland and NatWest introduced hand-held devices in 2007 for use with a card to authorise online banking transactions. Royal Bank of Scotland is a member of the Cheque and Credit Clearing Company Limited, Bankers' Automated Clearing Services Limited, the Clearing House Automated Payment System Limited and the LINK Interchange Network Limited. It
8058-410: The retention of the Williams & Glyn assets by RBS Group was approved by the European Commission in September 2017. RBS Group announced its intentions to close 162 of the branches that were to have formed Williams & Glyn in April 2018. The closure of a further 54 branches was announced in September 2018. The London private bank of Williams Deacon & Co can date its history back to 1771 when
8160-404: The sale on 12 October 2012. In September 2013, the group confirmed it had reached an agreement to sell 314 branches to the Corsair consortium, made up of private equity firms and a number of institutional investors. The branches, incorporating 250,000 small business customers, 1,200 medium business customers and 1.8 million personal banking customers, were due to separated from the group in 2016 as
8262-514: The scope and range of its services and launched the "Military Centre of Excellence" in Farnborough, where it holds accounts for the vast majority of Army regiments, as well as a large proportion of Navy ships and RAF stations. It is authorised as a brand of The Royal Bank of Scotland by the Prudential Regulation Authority . Holt’s offers personal banking facilities to regular and reserve service personnel, veterans and their families and, given
8364-495: The transition, separate internet and telephone banking systems were created for RBS customers in England and Wales. Planning applications for the erection of new branch signage bearing the Williams & Glyn brand identity were submitted to local authorities across the north of England in early 2016. A standalone ATM network for the new Williams and Glyn bank was created in June 2016. On 16 December 2015, RBS confirmed it had received
8466-426: The troubled group, under the dormant Williams & Glyn's brand, to comply with European Union state aid requirements. The process was expected to take up to four years to complete. In March 2010, it was reported that the group had issued a sales memorandum for the business, which would include 318 branches and around £20 billion in loans provided to small businesses and households. Following
8568-490: The £5, came into circulation on 27 October 2016. The £5 note features Nan Shepherd on the obverse accompanied by a quote from her book 'The Living Mountain', and the Cairngorms in the background. The reverse shows a pair of mackerel , with an excerpt from the poem ‘The Choice’ by Sorley MacLean . The second polymer note to be introduced was the £10 note, which entered circulation in 2017. It shows Mary Somerville on
8670-422: Was CEO of Williams & Glyn. He replaced John Maltby in the role, who stood down. RBS was ordered to sell Williams & Glyn by regulators as part of the bank's obligations for receiving state aid during the government bailout in 2009 after the 2008 financial crisis. However, RBS was unable to find a buyer for what were several RBS banks in England and Wales, as well as NatWest branches in Scotland, branded under
8772-453: Was announced that the holding company of Royal Bank of Scotland (Royal Bank of Scotland Group plc) would be renamed NatWest Group plc later that year, taking the brand under which the majority of its business is delivered. The change took place on 22 July 2020. The investment management business of Adam and Company was acquired by Canaccord Genuity Group in 2021 and its banking and lending business transferred to Coutts & Co. in 2022 using
8874-469: Was appointed army agent of the 16th (Bedfordshire) Regiment of Foot and joined Sir John in partnership. On the death of Sir John in 1871, Holt became sole partner and the firm was renamed V.W. Holt & Co. He was succeeded by his son, Vesey George Mackenzie Holt, in 1881. In 1884, Percy Shute Lawrie joined Sir Vesey, bringing the agency founded by his grandfather in 1780 and the firm was styled Holt, Lawrie & Co. until 1891. Links were forged with
8976-591: Was categorised as state aid . In August 2010, the group reached an agreement to sell 318 branches to Santander UK , made up of the RBS branches in England and Wales and the NatWest branches in Scotland. It was announced on 3 August that the Spanish Santander Group would pay around £1.65 billion for the branches, expected to be rebranded as part of Santander UK , in a deal set to be completed by December 2013. Santander withdrew from
9078-478: Was followed by the development of a full corporate visual identity for the new bank by The Designship. New uniforms which were to have been worn by Williams & Glyn staff were revealed at an event held at SS Great Britain in Bristol . The historic Williams and Glyn's Bank did not have a distinct logo, instead it used the "Daisy Wheel" logo of its parent company, The Royal Bank of Scotland. The leadership team of
9180-716: Was formed because the then RBS Group , owner of the two banks, was required by the European Union (EU) to divest a portion of its business after HM Government took an 84% stake in the group during the 2008 United Kingdom bank rescue package , which the EU classed as state aid. RBS Group was required to divest Williams & Glyn by the end of 2017. The Williams & Glyn unit had approximately 250,000 small business customers, 1,200 medium business customers and 1.8 million personal banking customers. A consortium including Kuwait Investments, Corsair Capital, Centerbridge Capital and
9282-570: Was in talks to sell a shipping loan in ’Eagle Bulk Shipping Inc.’ worth $ 800 million. It was also announced in that month that the bank was in talks to sell its equity derivatives business to a buyer rumoured to be BNP Paribas . In September 2014, Royal Bank of Scotland announced that they would move their headquarters to London in the event of a Yes vote in the Scottish referendum . Whilst this move would not affect day to day banking services in Scotland , there would be several major ramifications;
9384-558: Was itself absorbed into The Royal Bank of Scotland in 1985. Following the introduction of the military salary in 1970, the Army and Royal Air Force pay agencies were not renewed and the pay department was closed. In 1976, Holt’s opened an office in Farnborough and the business was brought together there when RBS Holt's branch in Whitehall was closed and transferred to the nearby London Drummonds branch in 1992. In 2003, Holt's expanded
9486-596: Was listed among the 17 banks in the UK that were "facing questions over what they knew about the international scheme and why they did not turn away suspicious money transfers," as the bank "handled $ 113.1 million" in Laundromat cash. Other banks facing scrutiny under the investigation included HSBC , NatWest , Lloyds , Barclays and Coutts . Coutts , owned by RBS, had "accepted $ 32.8m worth of payments via its office in Zürich , Switzerland." NatWest , also owned by RBS,
9588-430: Was maintained for 108 days and included a number of rallies and protests, as well as a pirate flag being raised on top of the RBS head branch. Holt %26 Co. Holt's Military Banking is a trading name of The Royal Bank of Scotland , a subsidiary of NatWest Group , offering dedicated banking facilities to service personnel in the United Kingdom and on operational tours of duty overseas. It can trace its origins to
9690-507: Was mutually self-destructive and a truce was arranged, but it still took until 1751 before the two banks agreed to accept each other's notes. The bank opened its first branch office outside Edinburgh in 1783 when it opened one in Glasgow , in part of a draper's shop in the High Street. Further branches were opened in Dundee , Rothesay , Dalkeith , Greenock , Port Glasgow , and Leith in
9792-415: Was named for allowing through $ 1.1 million in related funds. In early 2018, The Royal Bank of Scotland Group announced its plans for restructuring to comply with new UK-wide rules on ring-fencing retail banking operations from riskier investment banking operations. As part of this restructuring, all retail banking assets of the existing Royal Bank of Scotland were transferred to Adam and Company, which assumed
9894-484: Was received from the Bank of England , and the two banks agreed to a merger plan that would have seen Standard Chartered acquire the Royal Bank and keep the UK operations based in Edinburgh. However, the bid was scuppered by the Hongkong and Shanghai Banking Corporation (HSBC) which tabled a rival offer. The bid by HSBC was not backed by the Bank of England and was subsequently rejected by the Royal Bank's board. However,
9996-554: Was rejected by the board of directors on the basis that it was detrimental to the bank's operations. However, when the Standard Chartered Bank proposed a merger with the Royal Bank in 1980, the board responded favourably. Standard Chartered Bank was headquartered in London, although most of its operations were in the Far East, and the Royal Bank saw advantages in creating a truly international banking group. Approval
10098-401: Was replaced as CEO by New Zealander Ross McEwan , formerly the head of the bank's retail arm, on 1 October 2013. McEwan, who was 56 years old at the start of his tenure, will receive no bonus for his work in 2013 or at the end of 2014, and his pension will be replaced by an annual cash sum equivalent to 35 percent of his salary as CEO . In November 2013, Royal Bank of Scotland announced it
10200-582: Was revealed by RBS Group CEO, Ross McEwan that 162 Royal Bank of Scotland branded branches that were to have formed part of Williams & Glyn were to be closed as they were located close to NatWest branded branches, which are part of the same group. The closures were expected to happen between July and November 2018 and result in the loss of almost 800 jobs. It was proposed that customers with Royal Bank of Scotland accounts would in future be able to use NatWest branches for counter services. In late May, McEwan added that further branch closures could be announced before
10302-464: Was stripped of his knighthood in mid-January, and newly appointed CEO Stephen Hester renounced his £1 million bonus after complaints over the bank's performance. In 2014, comedian Russell Brand staged a protest against bonuses outside RBS's offices in London. RBS' central role in the financial crisis led to it being targeted by a protest camp, ' Occupy Edinburgh ', who set-up outside their Head Branch on St. Andrews Square in October 2011. The camp
10404-511: Was withdrawn, along with all non-polymer banknotes in the United Kingdom. Occasionally the Royal Bank of Scotland issues special commemorative banknotes to mark particular occasions or to celebrate famous people. The Royal Bank was the first British bank to print commemorative banknotes in 1992 followed by several subsequent special issues. These notes are much sought-after by collectors and they rarely remain long in circulation. Examples to date have included: The Royal Bank of Scotland provides
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