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.
1991 to 2000
- Building for the future
- In the early 1990s we undertook a major reorganisation of our corporate structure. We refocused on our core business of retail banking, and set about building a platform for future growth. In 1993 we acquired the Edinburgh-based private bank Adam & Company.
- Telephone and internet banking
- At the same time we reassessed how best to serve the needs of our customers. We opened new-look branches and expanded our Cashline network to include non-branch locations such as superstores, cinemas and railway stations. In 1994 we established Direct Banking, which quickly became Britain's fastest growing 24-hour telephone banking service. We announced Britain's first fully-fledged internet banking system in 1997.
- A milestone acquisition
- Meanwhile a transformational event was just around the corner. In 2000 RBS announced the acquisition of National Westminster Bank, in a £21bn deal - the largest takeover in British banking history. Through the acquisition of NatWest we achieved new scale and prominence in the financial sector.
- Growth and expansion across the Atlantic
- In the US, Citizens - following our acquisition in 1988 - continued to show strong growth. A succession of acquisitions expanded its footprint, and Citizens became New England's second largest bank with a strong commercial presence and more than $30 billion in assets.
- How old is the Royal Bank?
-
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?
-
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.