NatWest Holdings
| File:NatWest logo.png | |
| Industry | Retail Banking |
|---|---|
| Founded | 2016 |
| Headquarters | London, England, UK |
Key people | Sir Howard Davies, Chairman Ross McEwan, Chief Executive Alison Rose, Deputy Chief Executive |
| Parent | The Royal Bank of Scotland Group |
NatWest Holdings Limited is an intermediate holding company for The Royal Bank of Scotland Group's retail banking interests in the United Kingdom. RBS had to be bailed out by the UK government through the 2008 United Kingdom bank rescue package.[10] NatWest was created in 2016, as part of a structural reform intended to comply with the requirements of the Financial Services (Banking Reform) Act 2013. The Act implements the Independent Commission on Banking recommendation that core domestic operations should be "ring-fenced" from wholesale and investment banking activities by 2019.[1]
Operations
NatWest Holdings was formed to be the direct parent of five licensed banks:[2]
| Bank | Area of operation |
|---|---|
| National Westminster Bank | England and Wales and western Europe |
| The Royal Bank of Scotland | Scotland |
| Ulster Bank | Northern Ireland |
| Ulster Bank Ireland | Republic of Ireland |
| Coutts & Co. | United Kingdom |
Ulster Bank and Coutts & Co. are wholly owned subsidiaries of National Westminster Bank. Ulster Bank Ireland is a wholly owned subsidiary of Ulster Bank (Ireland) Holdings Unlimited Company. NatWest Holdings includes the Lombard North Central asset finance business and RBS Invoice Finance (Holdings).
As authorised brands of The Royal Bank of Scotland, the ring-fenced group also covers the private banking houses of Messrs. Drummond (incorporating Holt's Military Banking) and Child & Co. in London and Adam & Company in Edinburgh.
Two other licensed banks within the RBS Group – NatWest Markets (created at the same time) and The Royal Bank of Scotland International (incorporating NatWest International, Coutts Crown Dependencies and Isle of Man Bank) – sit outside the ring-fence. RBS International, NatWest Trustee and Depositary Services and RBS International Depositary Services S.A. (Luxembourg) are wholly owned subsidiaries of The Royal Bank of Scotland International (Holdings).
References
- ^ Treanor, Jill RBS to strengthen NatWest brand The Guardian, 30 September 2016
- ^ RBS Announces Proposed Future Ring-Fenced Legal Entity Structure and Investment in Customer Brands London Stock Exchange, RNS No. 2659L, 30 September 2016
