Jake Miller
NatWest Group plc is a British banking and insurance holding company based in Edinburgh, Scotland. It operates a wide variety of banking brands offering personal and business banking, private banking, investment banking, insurance, and corporate finance. In 1975, NatWest was one of the first London banks to open a representative office in Scotland. In 2000, NatWest was acquired in a hostile takeover by the Royal Bank of Scotland, becoming part of the RBS Group. While NatWest Bank itself has always been an English bank, the NatWest Group includes Scottish banks such as the Royal Bank of Scotland, which has a long history of supporting Scotland's economic development and continues to operate branches across the country.
| Characteristics | Values |
|---|---|
| NatWest Group plc headquarters | Edinburgh, Scotland |
| Year NatWest opened a representative office in Scotland | 1975 |
| NatWest Group's main subsidiary companies | National Westminster Bank, Royal Bank of Scotland, NatWest Markets, and Coutts |
| NatWest Group's Scottish bank | Royal Bank of Scotland |
| NatWest Bank's location | London, England |
| NatWest Bank's registration | England |
| NatWest Bank's history | Bought by the Royal Bank of Scotland in 2000 |
| NatWest Group's Scottish bank branches sold | 6 |
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What You'll Learn
NatWest Group is a holding company
The NatWest Group is a holding company that operates a wide variety of banking brands, offering personal and business banking, private banking, investment banking, insurance, and corporate finance. The group has several subsidiary companies, including National Westminster Bank, Royal Bank of Scotland, NatWest Markets, and Coutts. The group issues banknotes in Scotland and Northern Ireland.
The history of the NatWest Group can be traced back to the late 1960s when economic conditions became challenging for the banking sector. In response, the National Commercial Bank of Scotland merged with the Royal Bank of Scotland, resulting in the formation of a new holding company called the National and Commercial Banking Group in 1968. The holding company was later renamed The Royal Bank of Scotland Group in 1979 and became a public company in 1982.
In the late 1990s, the Bank of Scotland launched a hostile takeover bid for the National Westminster Bank, one of the "Big Four" English clearing banks. This sparked off the largest hostile takeover battle in UK corporate history, with the Royal Bank of Scotland ultimately winning and acquiring NatWest in early 2000. As a result of the takeover, NatWest became a component of the Royal Bank of Scotland Group, which was later renamed the NatWest Group in 2020.
Following the takeover, NatWest retained its distinct brand and banking license, but many back-office functions were merged with those of the Royal Bank, resulting in significant job losses. Over time, the NatWest Group has undergone various changes in ownership and structure, with the UK government holding a stake in the group at various times. As of 2025, the group has returned to full private ownership.
The NatWest Group is committed to serving its over 20 million customers across retail, commercial, and private banking. It also supports businesses and communities across Scotland through its Royal Bank of Scotland brand and dedicated Board. The group has taken initiatives to support various sectors, including housing, modern retail, and transportation.
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NatWest Bank is a London-based bank
NatWest Bank, or National Westminster Bank, is headquartered in London. The bank's origins date back to 1658 with the foundation of Smith's Bank of Nottingham. Its oldest direct corporate ancestor, the National Provincial Bank of England, was formed in 1833. The bank expanded internationally in the 1970s and 1980s, forming subsidiaries in the United States, Germany, Spain, France, and Monaco. In 1988, the bank built the National Westminster Tower in London to serve as its international headquarters. The tower was the tallest building in the UK at the time, standing at a height of 600 feet (183 m).
In 1999, NatWest announced a merger with Legal & General, the first-ever merger between a bank and an insurance company in the UK. This move was poorly received in the London financial markets, causing NatWest's share price to fall. The Bank of Scotland made a hostile takeover bid for NatWest, aiming to break up the NatWest Group and dispose of its non-retail assets. However, NatWest refused the takeover bid and was subsequently acquired by the Royal Bank of Scotland in a deal worth £21 billion, making it the biggest takeover in UK history at the time.
Following the takeover, NatWest retained its brand and banking license but merged many back-office functions with the Royal Bank of Scotland, resulting in significant job losses. In 2009, the RBS Group announced its plan to divest its NatWest branches in Scotland as a standalone business to comply with European Commission state aid requirements. As of 2013, the RBS Group agreed to sell six NatWest branches in Scotland to the Corsair consortium, demonstrating that there were NatWest banks operating in Scotland at the time.
Today, NatWest is one of the Big Four clearing banks in the UK, serving over 20 million customers across retail, commercial, and private banking. While the bank no longer has any physical branches in Scotland, it continues to support customers and communities across Scotland through its Royal Bank of Scotland brand and dedicated board.
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NatWest Bank was purchased by the Royal Bank of Scotland
The NatWest Group is a British banking and insurance holding company, based in Edinburgh, Scotland. It is the parent organisation of National Westminster Bank, commonly known as NatWest Bank. In 2000, NatWest Bank was purchased by the Royal Bank of Scotland Group in a hostile takeover. This acquisition was the biggest in UK history at the time.
The takeover bid was sparked by the Bank of Scotland's initial attempt to acquire NatWest in 1999. NatWest was struggling financially at the time, with a 26% fall in share price due to poorly received plans to merge with insurance company Legal & General. The Bank of Scotland intended to fund the deal by selling off many of NatWest's subsidiary companies. However, RBS intervened with a counter-offer of £21 billion, outbidding its rival and sparking the largest hostile takeover battle in UK corporate history.
RBS's bid for NatWest was audacious given that NatWest was four times bigger and had different technology and database platforms. Despite the challenges, RBS successfully integrated the NatWest customer base onto its IT platform. NatWest was retained as a distinct banking brand, but many back-office functions were merged with those of RBS, resulting in significant job losses.
Following the takeover, RBS Group Plc was established as a holding company, and NatWest Bank became a subsidiary alongside RBS. The enlarged group became the second-largest bank in the UK and Europe and the fifth-largest in the world by market capitalisation. The only Scottish bank within the NatWest Group is the original RBS, which remains based in Edinburgh.
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NatWest has Scottish branches
NatWest Group plc is a British banking and insurance holding company, based in Edinburgh, Scotland. The group operates a wide variety of banking brands offering personal and business banking, private banking, investment banking, insurance, and corporate finance. In the United Kingdom, its main subsidiary companies are National Westminster Bank, Royal Bank of Scotland, NatWest Markets, and Coutts.
NatWest has a long history in Scotland. In 1975, it was one of the first London banks to open a representative office in the country. In 1999, the Bank of Scotland launched a hostile takeover bid for NatWest, which was significantly larger than either Scottish bank at the time. However, the Royal Bank of Scotland tabled a counter-offer, resulting in a takeover battle. Ultimately, the Royal Bank of Scotland acquired NatWest in early 2000, becoming the second-largest banking group in the UK. NatWest was retained as a distinct brand, but many back-office functions were merged with those of the Royal Bank, resulting in significant job losses.
Following the financial crisis of 2008, the British government acquired an 81% shareholding in the group. As a result, the group was required to sell a portion of its business, including some NatWest branches in Scotland, to comply with state aid regulations. In 2010, an agreement was reached to sell these branches to Santander UK, but the sale fell through in 2012. Subsequently, in 2013, the RBS Group confirmed the sale of six NatWest branches in Scotland to the Corsair consortium.
Today, NatWest continues to have a presence in Scotland through its subsidiaries and the branches operated by the Corsair consortium. The group also issues banknotes in Scotland and plays an important role in supporting Scotland's economic development. The Royal Bank of Scotland was the second bank to be founded in Scotland and has been supporting businesses and entrepreneurs in the country for centuries.
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The Royal Bank of Scotland is the only Scottish bank within NatWest Group
The NatWest Group is a British banking and insurance holding company, based in Edinburgh, Scotland. It operates a wide variety of banking brands, including personal and business banking, private banking, investment banking, insurance, and corporate finance. The group issues banknotes in Scotland and Northern Ireland.
In 1999, the Bank of Scotland launched a hostile takeover bid for the English rival National Westminster Bank. However, the Royal Bank of Scotland tabled a counter-offer, leading to the largest hostile takeover battle in UK corporate history. On 11 February 2000, The Royal Bank of Scotland was declared the winner, acquiring NatWest for £21 billion. NatWest was retained as a distinct banking brand, although many back-office functions were merged with the Royal Bank's, resulting in significant job losses.
The Royal Bank of Scotland, based in Edinburgh, is the only Scottish bank within the NatWest Group. It was established by royal charter in 1727 and has played an important role in supporting Scotland's economic development over the past three centuries. The bank began issuing banknotes in 1727 and granted the world's first overdraft in 1728. The Royal Bank's first branch office opened in Glasgow in 1783.
In recent years, the NatWest Group has undergone branch closures and restructuring, leading to a reduction in the number of RBS branches in Scotland. In 2013, the group agreed to sell six NatWest branches in Scotland to the Corsair consortium, although this figure was reduced to five by 2015. Despite these changes, the Royal Bank of Scotland remains a key subsidiary of the NatWest Group, serving the personal and business banking needs of its customers in Scotland.
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Frequently asked questions
Yes, there are NatWest banks in Scotland. In 2010, the RBS Group agreed to sell 318 branches to Santander UK, including 7 NatWest branches in Scotland. However, Santander withdrew from the sale in 2012, and in 2013, the RBS Group sold 6 NatWest branches in Scotland to the Corsair consortium.
No, NatWest has always been an English bank, based in London since the 1920s. It is now part of the NatWest Group, a holding company that owns multiple banks, including the Scottish bank RBS Plc (Royal Bank of Scotland).
NatWest was taken over by the Royal Bank of Scotland in 2000, bringing it into the same group as RBS, which has been operating in Scotland since 1727.
The exact number of NatWest banks in Scotland is unclear. Initially, there were 7 NatWest branches to be sold to Santander UK in 2010. However, after the sale fell through, only 6 NatWest branches in Scotland were sold to the Corsair consortium in 2013. It is possible that further changes have occurred since then, but the current number is not readily available.
