Our Story
We are one of the oldest banks in the UK and our extraordinary heritage also encompasses the histories of hundreds of constituent companies.
1939 to 1970
- The Three Banks Group
- In 1939, with the world once again on the brink of war, we negotiated the purchase of Glyn, Mills & Co, which also owned Child & Co. Both Glyn, Mills and our existing English constituent Williams Deacon's Bank continued to trade as separate entities and, together with The Royal Bank of Scotland itself, became known as The Three Banks Group.
- Entering the modern world
- During the Second World War, many of the problems of the 1914-18 conflict had to be faced once again. After peace returned in 1945, however, we were eager to continue developing services for customers. In the late 1950s and 1960s branch networks grew and mobile and drive-in banks were introduced. We launched personal loans; a pioneering savings stamp scheme; and a pre-paid form of cash-dispensing machine, forerunner of the ATM. It was also during these years that we established our first direct presence overseas by opening a representative office in New York in 1960.
- Mergers and reorganisation
- In 1969 The Royal Bank of Scotland merged with National Commercial Bank of Scotland. This merger created a much bigger, more complicated and diverse business, and a major reorganisation was required. A new holding company was created and the Group's numerous bank brands - including The Royal Bank of Scotland itself - became subsidiaries. In 1970 the major Group brands trading in England and Wales were united to form Williams & Glyn's Bank.
- Brand and corporate identity
- For customers, one of the most visible outcomes of the merger and subsequent reorganisation was the introduction of the distinctive daisy wheel brand which remains central to our corporate identity today.
- How old is the Royal Bank?
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The Royal Bank of Scotland itself was established by royal charter on 31 May 1727. Some of our constituent businesses are even older, dating back as far as the 1580s. You can learn more about them at RBS Heritage On-line.
- Is it true that Scottish banknotes are not legal tender?
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Yes, it is - but Bank of England notes aren't legal tender in Scotland either. Officially, the phrase 'legal tender' means money that a person is obliged to accept if offered it in payment of a debt. Under Scottish law, that does not include banknotes, which are classified as 'legal currency' but not 'legal tender'.
The only historical exception was during the two world wars, when as a temporary measure the government made banknotes legal tender in Scotland, as a way of reinforcing people’s trust in them. This was important in a time of shortages, when the government needed to be sure that people would not hoard gold.