Structure
The Royal Bank of Scotland Group Plc operates internationally through its two principal subsidiaries, the Royal Bank (in Scotland) and NatWest (in England and Wales). The NatWest group of companies comprises National Westminster Bank Plc and its subsidiary and associated undertakings. The principal subsidiary undertakings of the bank today are:
- Coutts & Co., part of RBS Group Wealth Management, incorporating Coutts & Co. Ltd. (formerly Coutts Bank von Ernst Ltd. and, from 2008 to 2011, RBS Coutts Bank Ltd. trading as RBS Coutts International), Zurich;
- RBS Securities Inc., previously Greenwich Capital Markets Inc., broker/dealer, trading as RBS Greenwich Capital (formerly Greenwich NatWest) in the US; and
- Ulster Bank Limited, incorporating, from 2001, Ulster Bank Ireland Ltd. in the Republic of Ireland.
Until 2003 National Westminster Bank was a wholly owned subsidiary of The Royal Bank of Scotland Group, now the ultimate holding company. In January 2003 ownership of the bank's entire issued ordinary share capital was transferred from the ultimate holding company to The Royal Bank of Scotland Plc, as holding company. At that time the entire issued share capital of Lombard North Central Plc was transferred by the bank to the holding company. Ownership of National Westminster Home Loans Limited was passed to the holding company in December 2005; the mortgage portfolio and related funding were transferred back to NatWest in October 2012. In December 2000 the bank transferred National Westminster Life Assurance Limited to RBS Life Investments Limited, effectively establishing the business as a joint venture between the Group and Norwich Union.
The Royal Bank of Scotland Group comprises the ultimate holding company and its subsidiary and associated undertakings. The Group is structured into the following main operating areas:
- Retail Markets, providing a broad range of retail services across different brands and channels to personal and small business customers;
- Corporate Markets, a leading banking partner to UK commercial customers and major corporations and governmental institutions around the world, providing an extensive range of debt, risk and investment services;
- RBS Insurance, the second-largest general insurer in the UK, with brands including Direct Line, Churchill and Green Flag;
- Ulster Bank Group, incorporating the former First Active Plc in the Republic of Ireland; and
- Citizens Financial Group, which provides retail and corporate banking services across 13 states in the northeastern and midwestern US, with a retail and commercial presence in more than 30 other states.
- Business Services, a division dealing with administrative operations, managing group technology, procurement and property, in tandem with the other divisions of RBS Group.
The following have been chairmen of National Westminster Bank:
| Tenure | Incumbent |
|---|---|
| 1968–1969 | Duncan Stirling |
| 1969–1977 | David Robarts |
| 1977–1983 | Robin Leigh-Pemberton, later the Lord Kingsdown |
| 1983–1989 | The Lord Boardman |
| 1989–1999 | The Lord Alexander of Weedon |
| 1999–2000 | Sir David Rowland |
The office is now held by the chairman of The Royal Bank of Scotland Bank Group.
Read more about this topic: National Westminster Bank
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