RBS and Natwest-what's the deal?

OceanSound · 8 June 2018 at 9:20AM

Was wondering what exactly is the relationship between RBS and Natwest. I hear they are 'sister banks'. But what does this mean?

I know they don't share the FSCS deposit guarantee the same way HSBC and First Direct does. Yet, for something like the current account switch incentive, if you've received the Natwest incentive (between October 2017 and May 2018) you cannot apply for the RBS incentive.

Is it the same as if you go out with one sister, it's not nice to go out with the other one anytime soon?

colsten · 8 June 2018 at 11:07AM

The Royal Bank of Scotland Group owns both, RBS Bank and Natwest Bank. More info if you need it via Google.

OceanSound · 8 June 2018 at 12:50PM

colsten wrote: »

The Royal Bank of Scotland Group owns both, RBS Bank and Natwest Bank. More info if you need it via Google.

According to one of the links I posted on the OP, RBS is listed under RBS and natwest is listed under natwest, so it seemed neither bank was 'owned' by anyone as such. There was just a note under Couttes & Co to say 'Please note that RBS subsidiaries NatWest, Ulster Bank and Coutts all have their own, separate banking licences and are not covered by the RBS licence....'

This source: https://en.wikipedia.org/wiki/Royal_Bank_of_Scotland
says the owner of Royal Bank of Scotland is Natwest Holdings:

If I search the companies house register for 'natwest markets plc', then 'THE ROYAL BANK OF SCOTLAND PUBLIC LIMITED COMPANY' comes up for previous company names (effective period 30 Sep 1985 - 29 Apr 2018)

Accroding to this: https://www.rbs.com/rbs/news/2018/04/the-royal-bank-of-scotland-group-plc--ring-fencing-transfer-sche.html

Adam & Company PLC ("former Adam & Company") has been renamed "The Royal Bank of Scotland plc", and The Royal Bank of Scotland plc ("former RBS plc") has been renamed "NatWest Markets Plc" ("NatWest Markets").

Tom99 · 8 June 2018 at 1:04PM

[FONT=Verdana, sans-serif]RBS mounted a successful hostile takeover of NatWest in 2000.[/FONT]
[FONT=Verdana, sans-serif]RBS was a small Scottish bank at the time so it was quite cheeky, but that was Fred Goodwin for you. [/FONT]

eskbanker · 8 June 2018 at 1:10PM

For anyone looking for definitive information about RBS Group then its own website is always likely to be a better bet than the likes of Wikipedia and lovemoney.com! The corporate structure is shown at https://investors.rbs.com/fixed-income-investors/company-legal-structure.aspx

As posted above, there's been some shuffling of legal entities in the context of the ring-fencing but fundamentally The Royal Bank of Scotland Group plc remains at the top of the pile as ultimate owner/parent, while The Royal Bank of Scotland plc and National Westminster Bank plc are peers (with their own banking licences), with a couple of interim holding companies between them and topco.

RG2015 · 8 June 2018 at 1:17PM

OceanSound wrote: »

According to one of the links I posted on the OP, RBS is listed under RBS and natwest is listed under natwest, so it seemed neither bank was 'owned' by anyone as such. There was just a note under Couttes & Co to say 'Please note that RBS subsidiaries NatWest, Ulster Bank and Coutts all have their own, separate banking licences and are not covered by the RBS licence....'

I am not sure what you are saying here.

The RBS Group owns RBS and NatWest and others. This is quite separate from the banking licence issue.

OceanSound · 8 June 2018 at 1:55PM

eskbanker wrote: »

For anyone looking for definitive information about RBS Group then its own website is always likely to be a better bet than the likes of Wikipedia and lovemoney.com!....

Google is not always your friend.
I think the diagram you posted explains it much clearer than trying to figure it out using the FCA register or the companies house register (which are of course reliable sources.e.g. THE ROYAL BANK OF SCOTLAND PUBLIC LIMITED COMPANY came up as a previous name for Natwest Markets). What I'm saying is, I guess a picture does say a 1000 words sometimes.

OceanSound · 8 June 2018 at 2:25PM

RG2015 wrote: »

....This is quite separate from the banking licence issue.

Perhaps the article link I posted titled 'Who owns your bank or building society?' should have said this (made this clear). Not bang on about 'who owns who'

BTW: I'm just the messenger.....

RG2015 · 8 June 2018 at 2:34PM

OceanSound wrote: »

Perhaps the article link I posted titled 'Who owns your bank or building society?' should have said this (made this clear). Not bang on about 'who owns who'

BTW: I'm just the messenger.....

I understand. I hadn’t realised that you were just following the headline from the Love Money article.

It is though very sloppy reporting as equating bank ownership and banking licences is a non sequitur.

agrinnall · 8 June 2018 at 3:27PM

OceanSound wrote: »

BTW: I'm just the messenger.....

But who asked you to be the messenger in the first place? TBH, I don't really understand why you started this thread at all. Is there something sensible that you want an answer to rather than a facetious question about sisters? If there is then you'll find that there are people here with a lot of knowledge about the history of RBSG.

realaledrinker · 9 June 2018 at 12:20AM

OMG went out with two sisters once (not at the same time, I'm not that weird). Not recommended.

RBS and Natwest-what's the deal?

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