Royal Bank of Scotland (Scottish Gaelic: Banca RÃÆ'¬oghail na h Alba , Scotland: Ryal Bank o Scotland , Welsh: Banc Brenhinol yr Alban ), commonly abbreviated as < b> RBS , is one of the retail banking subsidiaries of The Royal Bank of Scotland Group plc, together with NatWest and Ulster Bank. Royal Bank of Scotland has about 700 branches, mainly in Scotland, although there are branches in many cities and major cities throughout England and Wales. Both the bank and its parent, the Royal Bank of Scotland Group, are completely separated from the Edinburgh-based Bank of Scotland, formerly The Royal Bank of Scotland for 32 years. The Scottish bank was effective in raising funds for the Jacob Uprising and as a result, The Royal Bank of Scotland was established in 1724 to provide banks with strong Hanoverian and Whig relationships.
Following the ring fence of the Group's core domestic business, the bank is expected to become a direct subsidiary of NatWest Holdings in 2019. NatWest Markets consists of the investment banking arm of the Group. To provide its legal form, the former RBS entity was renamed NatWest Markets in 2018; at the same time Adam and Company (which hold separate PRA banking licenses) were renamed The Royal Bank of Scotland, with Adam and Company continuing as RBS private banking brands in Scotland, along the same lines as Messrs. Drummond and Child & amp; Business Co in UK.
Video Royal Bank of Scotland
Histori
Yayasan
The bank tracks its origins to a Subsidiary Set of Liabilities, founded by investors in Scottish Companies who fail to protect the compensation they receive as part of the arrangement of the 1707 Acts of the Union. The "Equivalent Society" became the "Equivalent Company" in 1724, and the new company wanted to move to banking. The British government accepted the request well because the "Old Bank", the Scottish Bank, was suspected of having the sympathy of the Jacob. Thus, the "New Bank" was chartered in 1727 as Royal Bank of Scotland, with Archibald Campbell, Lord Ilay, appointing his first governor.
On May 31, 1728, Royal Bank of Scotland discovered an overdraft, which was later regarded as an innovation in modern banking. This allows William Hogg, a merchant in the High Street of Edinburgh, access to a credit worth £ 1,000 (11,211,119 today). Competition
with Bank of Scotland
Competition between Old and New Banks is very fierce and focused on paper money issues. The Royal Bank policy is to encourage Bank of Scotland to go out of business, or take over on favorable terms.
The Royal Bank built large holdings of Bank of Scotland records, which it earned by swapping its own notes, then suddenly handed over to Bank of Scotland for payment. To pay for this record, Bank of Scotland was forced to apply for a loan and, in March 1728, to suspend payments. Suspension eliminates direct pressure on the Bank of Scotland at the expense of massive damage to its reputation, and gives Royal Bank a clear space to grow its own business - though the rising issues of the Bank Royal notes also make it more vulnerable to similar tactics.
Despite talk of a merger with Bank of Scotland, Royal Bank has no means to settle the deal. In September 1728, the Scottish Bank was able to start redeeming his records, with interest, and in March 1729, he resumed the loan. To prevent such attacks in the future, the Bank of Scotland places the "preferred clause" on its notes, granting the right to make a flowering notes while delaying payments for six months; Bank Royal followed suit. The two banks finally decided that the policies they followed were mutually self-destructive and the ceasefire was regulated, but it was still needed until 1751 before the two banks agreed to receive their respective records.
Scottish expansion
The bank opened its first branch offices outside Edinburgh in 1783 when it opened in Glasgow, in part of the draper shop on High Street. The subsequent branches opened in Dundee, Rothesay, Dalkeith, Greenock, Port Glasgow, and Leith in the first part of the nineteenth century.
In 1821, the bank moved from its original headquarters in Edinburgh's Old Town to Dundas House, at St. Andrew Square in New Town. The buildings visible along George Street form the eastern end of the vista center in New Town. It was designed for Sir Lawrence Dundas by Sir William Chambers as the house of Palladian, completed in 1774. An axial banking space (Telling Room) behind the building, designed by John Dick Peddie, was added in 1857; it features a dome roof, painted blue internally, with gold star-shaped coffers. The banking hall continues to be used as a bank branch, and Dundas House remains the registered bank headquarter to this day.
The rest of the nineteenth century saw banks pursuing mergers with other Scottish banks, especially in response to failed institutions. The assets and liabilities of the West Bank were obtained after its collapse in 1857; The Dundee Banking Company was acquired in 1864. In 1910, Royal Bank of Scotland had 158 branches and about 900 staff.
In 1969, the bank joined the National Commercial Bank of Scotland to become the largest clearing bank in Scotland.
Expansion to Great Britain
The expansion of the British Empire in the second half of the nineteenth century saw the emergence of London as the largest financial center in the world, attracting Scottish banks to expand southward into the UK. The first London branch of the Royal Bank of Scotland opened in 1874. However, British banks moved to prevent further expansion by Scottish banks to Britain; and, after a government committee was formed to examine the issue, Scottish banks voted to cancel their expansion plans. An agreement was reached, in which British banks would not open branches in Scotland and Scottish banks would not open branches in Britain outside London. This agreement remained in force until the 1960s, although cross-border acquisitions were permitted.
The Royal Bank's British expansion plan was raised after World War I, when it acquired various small UK banks, including London-based Drummond Bank (in 1924); Williams Deacon Bank, based in northwest England (in 1930); and Glyn, Mills & amp; Co. (in 1939); the latter two were merged in 1970 to form Williams and Glyn's Bank, but were not renamed Royal Bank of Scotland until 1985.
Recent history
On January 20, 2011, Royal Bank of Scotland was fined Ã, Â £ 28.58 million for anti-competitive practices imposed with Barclays in relation to pricing loan products for large professional services firms. Also in 2011, Royal Bank of Scotland prevented holders of the Basic Account from using the most competing bank ATMs (though they could still use Natwest, Tesco, Morrisons and Post Office).
As of June 2012, computer issues prevented customers from accessing their accounts.
Royal Bank of Scotland released a statement on June 12, 2013 announcing a transition in which CEO Stephen Hester will step down in December 2013 for financial institutions "to return to private ownership by the end of 2014". For his part in the transition procession, Hester received 12 months worth of salary and benefits worth 1.6 million pounds, and a potential of £ 4 million in stock. Royal Bank of Scotland stated that, at the time of the announcement, Hester's successor search would begin.
Hester was replaced as CEO by New Zealand Ross McEwan, the bank's former chief retailer, on October 1, 2013. McEwan, who is 56 years old at the start of his term, will not receive any bonuses for his work in 2013 or late 2014, and his pension will be replaced with the annual cash equivalent of 35 percent of his salary as CEO.
In November 2013, Royal Bank of Scotland announced it was in talks to sell delivery loans on Eagle Bulk Shipping for $ 800 million. That month it was also announced that the bank is in talks to sell its equity derivatives business to buyers who are reported to be BNP Paribas.
In September 2014, Royal Bank of Scotland announced that it would move their headquarters to London in a Yes vote in a Scottish referendum. While this move will not affect everyday banking services in Scotland, there will be some major consequences; The main problem is that the Scottish version of Royal Bank of Scotland will be a subsidiary of the London-based holding company. Therefore, the tax will be paid primarily through a London-based company, thereby reducing significant revenue from Scotland. This will break the nearly 300 year period in which Royal Bank of Scotland has been based in Edinburgh.
In March 2015, Royal Bank of Scotland agreed to sell an internationally-run private banking and wealth management business to the Swiss Union Bancaire PrivÃÆ' Â © e UBP SA. Sales include client-managed relationships under Coutts and Adam & amp; Brand Co. in Switzerland, Monaco, UAE, Qatar, Singapore and Hong Kong. Terms of sale not announced. The sold operation has CHF 32 billion client assets under management. Royal Bank of Scotland will continue to offer private banking and wealth management in the British Isles, as well as to international clients with strong connections to the UK.
On March 20, 2017, the British newspaper The Guardian reported that hundreds of banks had helped launder KGB-related funds from Russia, as discovered by an inquiry named Global Laundromat. Royal Bank of Scotland is listed among 17 banks in the UK who "face questions about what they know about international schemes and why they do not turn off suspicious money transfers," because the bank "handles $ 113.1 million" in Laundromat money. Other banks that are under surveillance under investigation include HSBC, NatWest, Lloyds, Barclays and Coutts. Coutts, owned by RBS, has received "$ 32.8 million in payments through its office in Zurich, Switzerland." NatWest, also owned by RBS, is named for allowing through $ 1.1 million in related funds.
In early 2018, the Royal Bank of Scotland Group took into account the restructuring plan to comply with the new rules in the UK on retail banking ring-fencing operations from investment banking operations. As part of this restructuring, all existing retail banking assets of Royal Bank of Scotland plc will be transferred to Adam and the Company which will receive the Royal Bank of Scotland name in the process. Adam and the Company will continue to be RBS's private banking brand in Scotland, along the same lines as Messrs. Drummond and Child & amp; Business Co in UK.
As part of the restructuring and brand management, it is disappointing that NatWest will become a key customer of the RBS Group that is facing a brand in England and Wales. As a result, up to 275 Royal Bank of Scotland branded branches in England and Wales will be closed for being close to the NatWest branded branch that customers can use for counter services.
Williams & amp; Glyn Divestment
As a consequence of the UK Government taking 81% ownership of shares in the RBS Group after the 2007-08 financial crisis, the group was asked by the ruling European Commission to sell part of its business, as the commission considered ownership of shares as state aid.
Royal Bank of Scotland launched a plan in 2009 to revive the inactive brand names of Williams and Glyn in preparation for divesting the retail banking business of the Royal Bank of Scotland brand in England and the NatWest branch in Scotland.
On September 27, 2013, Royal Bank of Scotland Group confirmed that it has agreed to sell 308 Royal Bank of Scotland branches in England and Wales and six NatWest branches in Scotland to the Corsair consortium. The branches will be divested from the group in 2016 as an independent business operating under Williams & Glyn's name, though in August 2016, RBS canceled spin-off plan, stating that the new bank can not survive independently. This reveals otherwise would attempt to sell the division to other banks.
In February 2017, HM Treasury suggested that banks should abandon plans to sell the division, and instead focus on initiatives to increase competition in business banking in the UK. The plan will be subject to approval by the European Commission. The final agreement, known as the "Alternative Remedies Package", was reached with the European Commission in September 2017, allowing RBS Group to maintain Williams & Glyn's assets and bring the sales process to an end.
As of May 2018, it was announced that 162 RBS branches in England or Wales were Williams & amp; Glyn will be closed, with customers able to use the nearest NatWest branch instead. The closure will result in the loss of 792 jobs.
Maps Royal Bank of Scotland
Banknote
Until the mid-19th century, private banks in England and Ireland were allowed to issue their own banknotes, and the money spent by Scottish, British, Welsh and Irish provincial banks circulated freely as a means of payment. While the Bank of England has finally gained a monopoly to issue banknotes in England and Wales, Scottish banks retain the right to issue their own paper money and continue to do so to this day. Royal Bank of Scotland, along with Clydesdale Bank and Bank of Scotland, still print their own banknotes
Records issued by Scottish banks are widely circulated and can be used as a means of payment throughout Scotland and the rest of England; although they do not have legal tender status, they are accepted as a promissory note. It should be noted that no of banknotes is a valid payment instrument in Scotland, even issued by the Bank of England (which is a valid payment instrument in England and Wales).
The series "Ilay" (1987)
A series of records of Royal Bank of Scotland is currently published in 1987. On the front of each note is a picture of Lord Ilay (1682-1761), the first bank governor. This image is based on a portrait of Lord Ilay painted in 1744 by Edinburgh artist Allan Ramsay.
The front of the note also includes carvings of the home facades of Sir Laurence Dundas at St Andrew Square, Edinburgh, built by Sir William Chambers in 1774 and later became the headquarters of banks, bank emblems and arrows of 1969 logos and branding. The background graph on both sides of the note is a radial star design based on the ornate ceiling of a banking building in the headquarters building, designed by John Dick Peddie in 1857.
Behind the note is a picture of a Scottish castle, with a different castle for each denomination:
The problem "Ilay" currently in circulation is:
- 1 pound note featuring Edinburgh Castle
- 5 pound note featuring Culzean Castle
- 10 pounds note featuring Glamis Castle
- 20 pound notes featuring Brodick Castle
- 50 pound note featuring Inverness Castle (introduced 2005)
- 100 pound note featuring Balmoral Castle
Polymer banknotes (2016)
Royal Bank of Scotland introduced the first of a series of new banknotes made from polymers on October 27, 2016. The new record worth  £ 5 featuring Nan Shepherd on the front accompanied by excerpts from his book 'The Living Mountain', and Cairngorms in the background. The reverse shows a pair of mackerel, with a quote from The Choice 'poem by Sorley MacLean.
The second note to be confirmed, a new note of £ 10, will show Mary Somerville at the front, with excerpts from her work 'The Connection of the Physical Sciences', and Burntisland beach in the background. The reverse will feature two beavers and a quote from the 'Moorings' poem by Norman MacCaig. That's because it entered the circulation in 2017.
Banknote warning
Sometimes Royal Bank of Scotland issues special banknote notes to mark a particular occasion or to celebrate a famous person. Royal Bank was the first British bank to print a warning banknote in 1992, and was followed by some further special issues. These records are much sought after by collectors and they rarely remain in circulation long. Examples to date include:
- a Ã, Â £ 1 note to mark the EU Council meeting at the Holyrood Palace during the British Presidency of the Council of the European Union (1992)
- a Ã, Â £ 1 note to mark the 100th anniversary of the death of Robert Louis Stevenson (1994)
- a Ã, Â £ 1 note to mark the 150th anniversary of Alexander Graham Bell's birth (1997)
- a £ 20 note for the 100th anniversary of Queen Elizabeth The Queen Mother (2000)
- £ 5 notes to honor veteran golfer Jack Nicklaus in his last competitive Open Championship at St Andrews (2005).
- a Ã, Â £ 1 note to mark the opening of the Scottish Parliament, which depicts the Scottish Church General Assembly, the temporary parliamentary home, and the new parliament building plan charts, designed by Enric Miralles (1999)
- $ 50 to mark the opening of Royal Bank of Scotland's headquarters in Gogarburn (2005)
- a Ã, Â £ 10 note to commemorate Jubilee Diamond II Elizabeth. Behind the warning note are four intaglio portraits of Elizabeth II, showing her at various stages of her life (2012)
- Â ¥ 5 note to commemorate the Ryder Cup. It's printed by Giesecke & amp; Serving on "Hybrid" substrate.
Services
Royal Bank of Scotland provides various banking and insurance services to private, business, and commercial customers. As well as traditional branches, telephones and internet banking, Royal Bank of Scotland has operated a "mobile branch" since 1946 using converted vans to serve rural areas. There are currently 19 mobile branches.
This bank is authorized by the Prudential Regulatory Authority and governed by the Financial Conduct Authority and the Prudential Regulatory Authority. It participates fully in the Quick Payment Service, an initiative to speed up certain payments, launched in 2008.
In 2006, the Royal Bank of Scotland Group conducted the first trial of debit cards and credit cards without contact at PayPass in Europe. This bank introduces Visa Debit cards with technology for demand deposits, which can be used to pay purchases up to Ã, Â £ 30 by tapping the card that is activated in the retail terminal. In an effort to improve security, Royal Bank of Scotland and NatWest introduced handheld devices in 2007 for use with cards to authorize online banking transactions.
Royal Bank of Scotland is a member of Check and Credit Clearing Company Limited, Banker's Automatic Clearing Services Limited, Unlimited Clearing House Automatic Payment System and Exchange Network LINK Limited. It is a member of the Financial Ombudsman Service, the UK Payroll Administration, and the British Bankers Association; it subscribed to the Loan Code. This bank is covered by the Financial Services Compensation Plan with Adam and Company, The One account, Child & amp; Co., Drummonds Bank and Holts under one license.
Branding
The Royal Bank of Scotland Group used a branding developed for the Bank in merger with National Commercial Bank of Scotland in 1969. The Group logo takes the form of abstract symbols from four arrows pointing inwards known as "Daisy Wheel " and is based on an arrangement of 36 stacks of coins in 6 by 6 squares, representing accumulated and concentrated wealth by the Group . The Daisy Wheel logo was later adopted by a subsidiary of Royal Bank of Scotland Group, Ulster Bank in Ireland, Citizens Financial Group in the United States and, until it was sold in 2010, a Worldpay payment processing company.
From 2003, banks began to move away from referring to the Group's brand and its retail banking brand as "The Royal Bank of Scotland", instead of using RBS "initialism". It is intended to support the bank's position as a Global financial services player as opposed to its roots as a national bank, however, "The Royal Bank of Scotland" continues to be used in conjunction with RBS initialism, with both appearing in bank signs. Examples of current branding can be found in the Six States Championships in the rugby union, sponsored as RBS 6 Nations or Natty Six Nations.
In spring 2014, full bank names are returned to print and television ads in the form of a new logo with the "The" deletion. In August 2016, Ross McEwan confirmed that the bank will use its full name for its business in Scotland in lieu of the RBS acronym, to keep the bank away from its previous global expansion plan.
Royal Bank of Scotland sponsored the Williams F1 team from 2005 to the end of 2010. They also became the main sponsor for the Canadian Grand Prix from 2005 until the end of 2008. They have supported Andy Murray's tennis player since he was 13 years old.
Controversy
The bonus payments paid to Royal Bank of Scotland staff after the UK bank rescue package of 2008 caused controversy. Staff bonuses almost reached  £ 1 billion in 2010, although Royal Bank of Scotland reported a loss of  £ 1.1 billion for 2010. Over 100 senior bank executives paid more than Ã,  £ 1 million each bonus. As a result, former CEO Fred Goodwin was stripped of his position as a knight in mid-January, and newly appointed CEO Stephen Hester left a £ 1m bonus after complaints over bank performance.
82 percent of Royal Bank of Scotland shares are now owned by the British government, which bought Royal Bank of Scotland shares for £ 42 billion, representing 50 cents per share. In 2011, the stock was worth 19 cents, representing a taxpayer book loss of  £ 26 billion. Historically, Royal Bank of Scotland's share price rose from a high of more than 6,900 pence in early 2007 (taking into account 3 for 1 reverse stock split that occurred later that year) to about 120 pence in February 2009 and up to 187 cents per year by December 2011. In 2012, RBS shares are consolidated at 1 for 10 bases. Stocks have not recovered from financial shocks beginning in 2009 and currently at 316 pence (30 October 2015.) This is equivalent to a price of only 31.6 cents per pre-consolidated share.
Fossil fuel financing
The Royal Bank of Scotland's High Street branches were subjected to protests after banks were challenged for funding for oil and coal mining by charities such as the London Platform, People and Planet and Friends of the Earth. In 2007, Royal Bank of Scotland promoted itself as "The Oil & Gas Bank", although the website www.oilandgasbank.com was later removed. A London Platform report criticized bank loans for oil and gas companies, estimating that carbon emissions embedded in Royal Bank of Scotland finance projects reached 36.9 million tons in 2005, comparable to Scottish carbon emissions.
Royal Bank of Scotland provides financial means for companies to build coal-fired power plants and explore new coal mines at various locations around the world. Royal Bank of Scotland helped provide approximately  £ 8 billion from 2006 to 2008 to energy companies E.ON and other coal utilization companies. In 2012, 2.8% of Royal Bank of Scotland's total loans are granted to combined forces, oil and gas. According to Royal Bank of Scotland figures alone, half of its bid for the energy sector is for wind power projects; though, this only includes project financing and not general commercial loans.
Closing branch
In 2010, Royal Bank of Scotland promised not to close the bank branch where they were the last in the city. In 2014 Royal Bank of Scotland changed direction, and closed 44 branches which were the last in the city, as branch transactions have dropped 30% over the last four years
Royal Bank of Scotland will close 259 more branches across the UK in the latest round of cuts as customers turn to online banking.
Allegations of small business customers stripping assets
In October 2016, BBC Newsnight and Buzzfeed published a report of a leaked internal document showing that RBS had "Systematically Destroyed British Business" with fines, interest rate increases and loan drawdowns, often obtaining equities or property at fire prices, turning a considerable profit big. RBS executives have previously convinced Parliament that their Global Restructuring Group (GRG) is not a profit center. The controversy over GRG was revived by Liberal Democratic Party leader Vince Cable and others in January 2018. In February 2018, the Financial Conduct Authority released the "Section 166" report from Promontory Financial Services to Nicky Morgan, Chair of the Department of Finance Select Committee, detailing the abuse SMEs are widely in GRG. This is in spite of protracted resistance by the FCA to release reports.
See also
- List of investors at Bernard L. Madoff Securities
References
External links
- Official website
- The Royal Bank of Scotland company is grouped in OpenCorporates
- The historic paper money from Royal Bank of Scotland (in English) (in German)
Source of the article : Wikipedia
0 Comments