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.
2001 to Present
- Transferring millions to a common platform
- In the first three years after the acquisition of NatWest, we focused on the enormous task of integrating the IT systems of the two banks while retaining both the NatWest and Royal Bank of Scotland brands. This was the largest project of its kind ever attempted. Although it held enormous technical and human challenges, it was completed successfully, well ahead of target.
- Investing in global markets
- We faced new challenges as we sought to enter emerging international markets. Globalisation meant that the power balance of worldwide economies was changing.
- The ABN AMRO acquisition
- In 2007, the opportunity arose for us to deepen and widen our international reach, when the Dutch bank ABN AMRO announced that it was in merger talks with another major UK bank. We moved quickly to assemble a consortium with a rival bid, and by October 2007 the offer of £48bn was declared unconditional.
- Challenging times
- We have recently entered an exceptionally difficult period of our history. The crisis in global financial markets and deteriorating economic conditions across the world has weakened many financial services organisations. This situation was made worse, for us, as some of our major strategic decisions were subsequently shown to be bad mistakes, making us more vulnerable than we would have been otherwise.
- Our disappointing performance in 2008 masked strong underlying performance, and profitability, in all but one of our businesses. It will be these core businesses across the world, but anchored in the UK, which will be the focus for us as we strive to rebuild shareholder value.
- 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.