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Royal Bank of Scotland

From Wikipedia, the free encyclopedia
Not to be confused withBank of Scotland.

The Royal Bank of Scotland plc
Native name
Banca Rìoghail na h-Alba
Company typePrivate
IndustryFinancial services
Founded31 May 1727;297 years ago(1727-05-31)
HeadquartersEdinburgh,Scotland, UK
Key people
Services
Number of employees
71,200
ParentNatWest Group
Websiterbs.co.uk

The Royal Bank of Scotland plc(Scottish Gaelic:Banca Rìoghail na h-Alba)[2]is a majorretailandcommercial bankinScotland.It is one of the retail banking subsidiaries ofNatWest Group,together withNatWest(inEngland and Wales) andUlster Bank.The Royal Bank of Scotland has around 700 branches, mainly in Scotland, though there are branches in many larger towns and cities throughout England and Wales. The bank is completely separate from the fellow Edinburgh-based bank, theBank of Scotland,which pre-dates the Royal Bank by 32 years. The Royal Bank of Scotland was established to provide a bank with strongHanoverianandWhigties.[3]

Followingringfencingof the Group's core domestic business, the bank became a direct subsidiary ofNatWest Holdingsin 2019.NatWest Marketscomprises the Group's investment banking arm. To give it legal form, the former RBS entity was renamed NatWest Markets in 2018; at the same timeAdam and Company(which held a separatePRAbanking licence) was renamed The Royal Bank of Scotland, with Adam and Company continuing as an RBS private banking brand until 2022.[4]

History

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Foundation

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The bank traces its origin to the Society of the Subscribed Equivalent Debt, which was set up by investors in the failedCompany of Scotlandto protect the compensation they received as part of the arrangements of the 1707Acts of Union.The "Equivalent Society" became the "Equivalent Company" on 21 November 1724, and the new company wished to move into banking. The British government received the request favourably as the "Old Bank", theBank of Scotland,was suspected of havingJacobitesympathies. Accordingly, the "New Bank" was chartered on 31 May 1727 as the Royal Bank of Scotland, withArchibald Campbell, Lord Ilay,appointed its first governor.

On 31 May 1728, the Royal Bank of Scotland invented theoverdraft,which was later considered an innovation in modern banking.[5]It allowed William Hogg, a merchant in the High Street of Edinburgh, access to£1,000 (£170,833 in today's value)[6]credit.

Competition with the Bank of Scotland

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The Royal Bank of Scotland competed with theBank of Scotland(pictured) in its early history

Competition between the Old and New Banks was fierce and centred on the issue of banknotes. The policy of the Royal Bank was to either drive the Bank of Scotland out of business or take it over on favourable terms. The Royal Bank built up large holdings of the Bank of Scotland's notes, which it acquired in exchange for its own notes, then suddenly presented to the Bank of Scotland for payment. To pay these notes, the Bank of Scotland was forced to call in its loans and, in March 1728, to suspend payments. The suspension relieved the immediate pressure on the Bank of Scotland at the cost of substantial damage to its reputation and gave the Royal Bank a clear space to expand its own business – although the Royal Bank's increased note issue also made it more vulnerable to the same tactics.[7]

Despite talk of a merger with the Bank of Scotland, the Royal Bank did not possess the wherewithal to complete the deal. By September 1728, the Bank of Scotland was able to start redeeming its notes again, with interest, and in March 1729, it resumed lending. To prevent similar attacks in the future, the Bank of Scotland put an "option clause" on its notes, giving it the right to make the notes interest-bearing while delaying payment for six months; the Royal Bank followed suit. Both banks eventually decided that the policy they had followed was mutually self-destructive and a truce was arranged, but it still took until 1751 before the two banks agreed to accept each other's notes.

Scottish expansion

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The bank opened its first branch office outside Edinburgh in 1783 when it opened one inGlasgow,in part of a draper's shop in the High Street.[8]Further branches were opened inDundee,Rothesay,Dalkeith,Greenock,Port Glasgow,andLeithin the first part of the nineteenth century.

In 1821, the bank moved from its original head office in Edinburgh'sOld TowntoDundas House,onSt. Andrew Squarein theNew Town.The building as seen along George Street forms the eastern end of the central vista in New Town. It was designed forSir Lawrence Dundasby SirWilliam Chambersas aPalladianmansion, completed in 1774. An axial banking hall (Telling Room) behind the building, designed byJohn Dick Peddie,was added in 1857; it features a domed roof, painted blue internally, with gold star-shaped coffers.[1]The banking hall continues in use as a branch of the bank, and Dundas House remains the registered head office of the bank to this day.

The rest of the nineteenth century saw the bank pursue mergers with other Scottish banks, chiefly as a response to failing institutions. The assets and liabilities of the Western Bank were acquired following its collapse in 1857; the Dundee Banking Company was acquired in 1864. By 1910, the Royal Bank of Scotland had 158 branches and around 900 staff.

By 1969, economic conditions were becoming more difficult for the banking sector. In response, the Royal Bank of Scotland merged withNational Commercial Bank of Scotland.[9]The merger resulted in a newholding company,theNational and Commercial Banking Group,with 662 branches in Scotland, which all transferred to the Royal Bank name. The holding company was renamedThe Royal Bank of Scotland Groupin 1979[10]and becameNatWest Groupin July 2020.[11]

Expansion into England

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3–5BishopsgateinLondon,branch building of the Royal Bank of Scotland from 1877 to 1984[12]

The expansion of theBritish Empirein the latter half of the nineteenth century saw the emergence of London as the largest financial centre in the world, attracting Scottish banks to expand southward into England. The first London branch of the Royal Bank of Scotland opened in 1874. However, English banks moved to prevent further expansion by Scottish banks into England; and, after a government committee was set up to examine the matter, the Scottish banks chose to drop their expansion plans. An agreement was reached, under which English banks would not open branches in Scotland and Scottish banks would not open branches in England outside London. This agreement remained in place until the 1960s, although various cross-border acquisitions were permitted.

The Royal Bank's English expansion plans were resurrected after World War I when it acquired various small English banks, including London-basedDrummonds Bank(in 1924), which continued as a branch of the Royal Bank of Scotland;Williams Deacon's Bank,based in northwestern England (in 1930) andGlyn, Mills & Co.(in 1939), which together came to be known as the Three Banks Group; the English and Welsh branches were reorganised asWilliams & Glyn's Bankin 1969, before adopting the Royal Bank name in 1985.

Takeover bids

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Branch of the Royal Bank of Scotland in Islington, London.

During the late 1970s and early 1980s, the Royal Bank was the subject of three separate takeover approaches. In 1979,Lloyds Bank,which had previously built up a 16.4% stake in the Royal Bank, made a takeover approach for the remaining shares it did not own. The offer was rejected by the board of directors on the basis that it was detrimental to the bank's operations. However, when theStandard Chartered Bankproposed a merger with the Royal Bank in 1980, the board responded favourably. Standard Chartered Bank was headquartered in London, although most of its operations were in the Far East, and the Royal Bank saw advantages in creating a truly international banking group. Approval was received from theBank of England,and the two banks agreed to a merger plan that would have seen Standard Chartered acquire the Royal Bank and keep the UK operations based in Edinburgh. However, the bid was scuppered by theHongkong and Shanghai Banking Corporation(HSBC) which tabled a rival offer. The bid by HSBC was not backed by the Bank of England and was subsequently rejected by the Royal Bank's board. However, theBritish governmentreferred both bids to theMonopolies and Mergers Commission;both were subsequently rejected as being against the public interest.[13]

The Bank did obtain an international partnership withBanco Santander Central Hispanoof Spain, each bank taking a 5% stake in the other. However, this arrangement ended in 2005, when Banco Santander Central Hispano acquired UK bankAbbey National– and both banks sold their respective shareholdings.[14]

International expansion

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International locations of the Royal Bank of Scotland

The first international office of the bank was opened in New York in 1960. Subsequent international banks were opened in Chicago, Los Angeles,Houston,and Hong Kong. In 1988 the bank acquired Citizens Financial Group, a bank based inRhode Island,United States. Since then, Citizens has acquired several other American banks and in 2004 acquiredCharter One Bank.[15]

From 1988 to 2015, it ownedCitizens Financial Group,a bank in theUnited States,and from 2005 to 2009 RBS Group was the second-largest shareholder in theBank of China,itself the world's fifth-largest bank by market capitalisation in February 2008.[16]

Recent history

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Main article:NatWest Group § History

Following the implosion of the Royal Bank of Scotland in 2008 while under the direction of directors at its Edinburgh headquarters, and its rescue by taxpayer funds, it became a subsidiary of the UK Government. On 20 January 2011, Royal Bank of Scotland were fined £28.58 million for anti-competitive practices that were enacted withBarclaysin relation to the pricing of loan products for large professional services firms.[17]Also in 2011, Royal Bank of Scotland prevented Basic Account holders from using the ATMs of most rival banks (although they could still use those ofNatWest,Tesco,Morrisonsand thePost Office).[18]

In June 2012,computer problemsprevented customers accessing accounts.[19]Royal Bank of Scotland released a statement on 12 June 2013 that announced a transition in whichCEOStephen Hesterwould stand down in December 2013 for the financial institution "to return to private ownership by the end of 2014". For his part in the procession of the transition,Hesterreceived 12 months' pay and benefits worth £1.6 million, as well as the potential for £4 million in shares. The Royal Bank of Scotland stated that, as of the announcement, the search for Hester's successor would commence.[20]Hester was replaced as CEO byNew ZealanderRoss McEwan,formerly the head of the bank's retail arm, on 1 October 2013.[21]McEwan, who was 56 years old at the start of his tenure, will receive no bonus for his work in 2013 or at the end of 2014, and his pension will be replaced by an annual cash sum equivalent to 35 percent of his salary asCEO.[22]

In November 2013, Royal Bank of Scotland announced it was in talks to sell a shipping loan in ’Eagle Bulk Shipping Inc.’ worth $800 million.[23]It was also announced in that month that the bank was in talks to sell its equity derivatives business to a buyer rumoured to beBNP Paribas.[24]In September 2014, Royal Bank of Scotland announced that they would move their headquarters toLondonin the event of a Yes vote in theScottish referendum.[25]Whilst this move would not affect day to day banking services inScotland,there would be several major ramifications; the key issue being that the Scottish version of Royal Bank of Scotland would become a subsidiary to the London-based holding company. Therefore, tax would be paid chiefly through the London-based company, thus deprivingScotlandof significant revenues. This would break a near 300-year period in which the Royal Bank of Scotland has been headquartered inEdinburgh.In March 2015, Royal Bank of Scotland agreed to sell its internationally managed private banking and wealth management business toSwitzerland'sUnion Bancaire Privée UBP SA.The sale includes client relationships managed underCouttsandAdam and Companybrands inSwitzerland,Monaco,theUAE,Qatar,SingaporeandHong Kong.The terms of the sale were not announced. The operations being sold has CHF 32-billion of 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 a strong connection to the UK.[26]

Royal Bank of Scotland mortgage centre inInverclyde

On 20 March 2017, the British paperThe Guardianreported that hundreds of banks had helped launderKGB-related funds out ofRussia,as uncovered by an investigation namedGlobal Laundromat.The Royal Bank of Scotland was listed among the 17 banks in the UK that were "facing questions over what they knew about the international scheme and why they did not turn away suspicious money transfers," as the bank "handled $113.1 million" in Laundromat cash. Other banks facing scrutiny under the investigation includedHSBC,NatWest,Lloyds,BarclaysandCoutts.Coutts,owned by RBS, had "accepted $32.8m worth of payments via its office inZürich,Switzerland. "NatWest,also owned by RBS, was named for allowing through $1.1 million in related funds.[27]In early 2018, The Royal Bank of Scotland Group announced its plans for restructuring to comply with new UK-wide rules on ring-fencing retail banking operations from riskier investment banking operations. As part of this restructuring, all retail banking assets of the existing Royal Bank of Scotland were transferred to Adam and Company, which assumed the Royal Bank of Scotland name in the process. Adam and Company continued as an RBS private banking brand in Scotland, along the same lines as theMessrs. DrummondandChild & Co.businesses in England.[4]As part of the restructuring and brand management, it was decided thatNatWestwould become RBS Group's primary customer-facing brand inEnglandandWales.As a result, all Royal Bank of Scotland branded branches inEnglandandWaleswere closed as they were located close to NatWest branded branches, which customers would be able to use for counter services instead.[28]

On 14 February 2020, it was announced that the holding company of Royal Bank of Scotland (Royal Bank of Scotland Group plc) would be renamed NatWest Group plc later that year, taking the brand under which the majority of its business is delivered. The change took place on 22 July 2020.[29][30][31]The investment management business of Adam and Company was acquired byCanaccord GenuityGroup in 2021 and its banking and lending business transferred to Coutts & Co. in 2022 using a banking business transfer scheme approved by theCourt of Sessionin Edinburgh. Child & Co. also closed in 2022, leaving Messrs. Drummond andHolt's Military Bankingas the only remaining branches of RBS operating in England and Wales.

Proposed Williams and Glyn divestment

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Main article:Williams & Glyn

As a consequence of the British Government taking an 81% shareholding in the RBS Group following the2007–2008 financial crisis,the group was required by aEuropean Commissionruling to sell a portion of its business, as the commission regarded the shareholding asstate aid.

Royal Bank of Scotland unveiled plans in 2009 to resurrect the dormant Williams and Glyn's brand name in preparation for the divestment of its Royal Bank of Scotland-branded retail banking business in England and its NatWest branches in Scotland.[32]

On 27 September 2013, the Royal Bank of Scotland Group confirmed it had agreed to sell 308 Royal Bank of Scotland branches in England and Wales and 6 NatWest branches in Scotland to the Corsair consortium. The branches were due to be divested from the group in 2016 as a standalone business operating under theWilliams & Glynname,[33]although, in August 2016, RBS cancelled the spin-off plan, stating that the new bank could not survive independently. It revealed it would instead seek to sell the division to another bank.[34]

In February 2017, HM Treasury suggested that the bank should abandon the plan to sell the division, and instead focus on initiatives to boost competition within business banking in the United Kingdom. The plan would be subject to approval by the European Commission.[35]A final agreement, known as the "Alternative Remedies Package", was reached with the European Commission in September 2017, allowing RBS Group to retain the Williams & Glyn assets and bringing the sale process to a close.[citation needed]

In May 2018, it was announced that 162 RBS branches in England or Wales that were to have become Williams & Glyn would be closed, resulting in almost 800 job losses, with customers able to use nearby NatWest branches for counter services instead.[36]The closure of a further 54 branches was announced in September 2018 with an expected loss of 258 jobs.[37]

Banknotes

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Main article:Banknotes of Scotland
A Royal Bank of Scotland £5 note from 1964

Up until the middle of the 19th century, privately owned banks inGreat Britain and Irelandwere permitted to issue their own banknotes, and money issued by provincial Scottish,[38]English, Welsh and Irish banking companies circulated freely as a means of payment.[39]While theBank of Englandeventually gained a monopoly for issuing banknotes in England and Wales, Scottish banks retained the right to issue their own banknotes and continue to do so to this day. The Royal Bank of Scotland, along withClydesdale BankandBank of Scotland,still prints its ownbanknotes.

Notes issued by Scottish banks circulate widely and may be used as a means of payment throughout Scotland and the rest of the United Kingdom; although they do not have the status oflegal tenderthey are accepted aspromissory notes.Nopaper money is legal tender in Scotland, even that issued by the Bank of England (which is legal tender in England and Wales).

“Fabric of Nature” series (2016)

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The £5 banknote was the first polymer note to be issued by the Royal Bank of Scotland.

From May 2020 RBS began to replace the “Ilay” series with the new “Fabric of Nature” series ofpolymerbanknotes. The first polymer notes, the £5, came into circulation on 27 October 2016.[40]The £5 note featuresNan Shepherdon the obverse accompanied by a quote from her book 'The Living Mountain', and theCairngormsin the background. The reverse shows a pair ofmackerel,with an excerpt from the poem ‘The Choice’ bySorley MacLean.[41]

The second polymer note to be introduced was the £10 note, which entered circulation in 2017. It showsMary Somervilleon the obverse, with a quote from her work 'The Connection of the Physical Sciences', andBurntislandbeach in the background. The reverse displays twoottersand an excerpt from the poem ‘Moorings’ byNorman MacCaig.[41]

"Ilay" series (1987)

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A £100 Royal Bank of Scotland note of the Ilay series
The star-design ceiling of the Edinburgh banking hall which featured on older banknotes

Prior to the current polymer series, the Royal Bank "Ilay" series of banknotes were in circulation, so-called because each denomination featured a picture ofLord Ilay(1682–1761), the first governor of the bank. The image was based on a portrait of Lord Ilay painted in 1744 by the Edinburgh artistAllan Ramsay.[42]

The front of the notes also included an engraving of the facade ofDundas House,the mansion ofSir Laurence DundasinSt. Andrew Square, Edinburgh,which was built bySir William Chambersin 1774 and later became the bank's headquarters; the bank'scoat of arms;and the 1969 arrows logo and branding. The backgroundgraphicon both sides of the notes was a radialstar designwhich was based on the ornate ceiling of the banking hall in the old headquarters building, designed byJohn Dick Peddiein 1857.[43][44]

On the back of the notes were images ofScottish castles,with a differentcastlefor each denomination:[43]

As of 30 September 2022 the Ilay series was withdrawn, along with all non-polymer banknotes in the United Kingdom.

Commemorative banknotes

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Occasionally the Royal Bank of Scotland issues specialcommemorativebanknotes to mark particular occasions or to celebrate famous people. The Royal Bank was the first British bank to print commemorative banknotes in 1992 followed by several subsequent special issues. These notes are much sought-after by collectors and they rarely remain long in circulation. Examples to date have included:[45][46]

Services

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Royal Bank of Scotland "mobile bank" unit

The Royal Bank of Scotland provides a full range of banking and insurance services to personal, business, and commercial customers. As well as traditional branches, phone, and internet banking, Royal Bank of Scotland has operated "mobile branches" since 1946 using converted vans to serve rural areas. There are currently 19 mobile branches.[49][50]

The bank is authorised by thePrudential Regulation Authorityand regulated by both theFinancial Conduct Authorityand the Prudential Regulation Authority.[51]It participates fully in theFaster Payments Service,an initiative to speed up certain payments, launched in 2008.[52]

In 2006, The Royal Bank of Scotland Group undertook the first trial ofPayPasscontactlessdebit and credit cards in Europe.[53]The bank is introducingVisa Debitcards with the technology for current accounts, which can be used to pay for purchases up to £30 by tapping an enabled card on the retailer's terminal.[54]In an effort to enhance security, Royal Bank of Scotland and NatWest introduced hand-held devices in 2007 for use with a card to authorise online banking transactions.[55]

Royal Bank of Scotland is a member of theCheque and Credit Clearing CompanyLimited,Bankers' Automated Clearing ServicesLimited, theClearing House Automated Payment SystemLimited and theLINKInterchange Network Limited. It is a member of the Financial Ombudsman Service,UK Payments Administrationand of theBritish Bankers' Association;it subscribes to theLending Code.The bank is covered by theFinancial Services Compensation SchemewithThe One account,Drummonds Bank and Holt's Military Banking under one licence.[51]

Branding

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RBS logo withScottish Gaelictext inPortree.

The Royal Bank of Scotland Group uses branding developed for the Bank on its merger with the National Commercial Bank of Scotland in 1969.[56]The Group's logo takes the form of an abstract symbol of four inward-pointing arrows known as the "Daisy Wheel"and is based on an arrangement of 36 piles of coins in a 6 by 6 square,[56]representingthe accumulation and concentration of wealth by the Group.[56]TheDaisy Wheellogo was later adopted by Royal Bank of Scotland Group subsidiariesUlster Bankin Ireland,Citizens Financial Groupin the United States and, until it was sold in 2010, payment processing companyWorldpay.

From 2003, the bank began to move away from referring to both the Group brand and its retail banking brand as "The Royal Bank of Scotland", instead of using the "RBS" initialism. This was intended to support the positioning of the bank as a Global financial services player as opposed to its roots as a national bank, however, "The Royal Bank of Scotland" continued to be used alongside the RBS initialism, with both appearing on bank signage.

In spring 2014 the full bank name returned to print and television advertising in the form of a new logo with the omission of "The". In August 2016, Ross McEwan confirmed that the bank would use the full name for its business in Scotland in lieu of the RBS acronym, to distance the bank from its previous global expansion plans.[57]

Royal Bank of Scotland sponsored theWilliams F1team from 2005 until the end of 2010.[58]They also were the title sponsor for the Canadian Grand Prix from 2005 until the end of 2008. They have supported tennis playerAndy Murraysince he was aged 13.[58]

Controversies

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Protest outside the RBS (Royal Bank of Scotland) AGM, Morrison St., Edinburgh, on 18 April 2010

Fossil fuel financing

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In 2007, Royal Bank of Scotland was promoted itself as "The Oil & Gas Bank" including hosting a website oilandgasbank.[59]A Platform London report estimated that the carbon emissions embedded within Royal Bank of Scotland' project finance reached 36.9 million tonnes in 2005, comparable to Scotland's carbon emissions. Royal Bank of Scotland helped to provide an estimated £8 billion from 2006 to 2008 to the energy corporationE.ONand other coal-utilizing companies.[60]In 2012, 2.8% of Royal Bank of Scotland' total lending was provided to the power, oil and gas sectors combined. According to Royal Bank of Scotland' own figures, half of its deals to the energy sector were to wind power projects; although, this only included project finance and not general commercial loans.[61]

Responding to this RBS branches and the company's AGM were targeted by protests, and a boycott of the bank was promoted, between 2007 and 2011. A number of groups were involved includingPlatform London,People & Planet,theWorld Development Movement,Friends of the EarthandFriends of the Earth Scotland.[62]

In August 2010Climate Camp UKheld a week-long camp in the parkland around RBS' global headquarters at Gogarburn, Edinburgh. A number of disruptive protests took place during the camp, including at RBS branches in the surrounding area.

2008 bail-out

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82 percent of Royal Bank of Scotland'sshareswere acquired by the UK government as part of the2008 United Kingdom bank rescue package.The UK Government bought Royal Bank of Scotland stock for £42 billion, representing 50 pence per share. In 2011, the shares were worth 19 pence, representing a taxpayer book loss of £26 billion. Historically, the Royal Bank of Scotland stock price went from a high of over 6,900 pence in early 2007 (taking into account a 3 for 1reverse stock splitthat took place later that year) to around 120 pence February 2009 and up to 187 pence by December 2011.[63]In 2012 RBS shares were consolidated on a 1 for 10 basis. The Stock has not recovered from the financial shock of early 2009 and is currently at 316 pence (30 October 2015.) This equated to a price of just 31.6 pence per pre-consolidation share.

Thebonus paymentspaid to Royal Bank of Scotland staff subsequent to the2008 United Kingdom bank rescue packagecaused controversy.[64]Staff bonuses were nearly £1 billion in 2010, even though Royal Bank of Scotland reported losses of £1.1 billion for 2010. More than 100 senior bank executives were paid in excess of £1 million each in bonuses.[65] Consequently, former CEOFred Goodwinwas stripped of hisknighthoodin mid-January, and newly appointed CEOStephen Hesterrenounced his £1 million bonus after complaints over the bank's performance.[66]In 2014, comedianRussell Brandstaged a protest against bonuses outside RBS's offices in London.[67]

RBS' central role in the financial crisis led to it being targeted by a protest camp, 'Occupy Edinburgh', who set-up outside their Head Branch on St. Andrews Square in October 2011. The camp was maintained for 108 days and included a number of rallies and protests, as well as a pirate flag being raised on top of the RBS head branch.

Branch closures

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In 2010, Royal Bank of Scotland promised not to close bank branches where they were the last in town. In 2014, Royal Bank of Scotland changed direction and closed 44 branches which were the last in town, as branch transactions had fallen by 30% over the last four years.[68]

Royal Bank of Scotland will close 259 more branches across Britain in its latest round of cuts as customers shift to online banking.[69]

Allegations of asset-stripping small business customers

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In October 2016, BBC Newsnight and Buzzfeed published reports from a leaked internal document which showed that RBS had "Systematically Crushed British Businesses"[70]with fines, interest rate hikes and loan withdrawals, often acquiring equity or property at firesale prices, turning a sizeable profit.[71]RBS executives had previously assured Parliament that their Global Restructuring Group (GRG) was not a profit centre.[72]Controversy regarding the GRG was rekindled by the leader of theLiberal Democrats, Vince Cable,and others in January 2018.[73]In February 2018, the Financial Conduct Authority released a "Section 166" report from Promontory Financial Services toNicky Morgan,Chair of the Treasury Select Committee, detailing widespread abuse of SMEs within GRG. This was despite protracted resistance by theFCAto releasing the report.[74]

See also

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References

[edit]
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  2. ^Tokenand symbolic use of the Scottish Gaelic name occurs on some Royal Bank of Scotland buildings and customer stationery such aschequebooks. Gaelic is not used on the Royal Bank of Scotland website, for contracts or on their banknotes.
  3. ^Lenman, Bruce (1992).Integration and Englightenment Scotland 1746–1832.ISBN9780748603855.
  4. ^abTreanor, Jill.RBS to strengthen NatWest brand.The Guardian.30 September 2016.
  5. ^"The history of payments in the UK".BBC News.16 February 2009.Retrieved13 December2013.
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Further reading

[edit]
  • McDiarmid, Andrew. "The Equivalent Societies of Edinburgh and London, the Formation of the Royal Bank of Scotland, and the Nature of the Scottish Financial Revolution."Journal of British Studies60.1 (2021): 88–114.
  • Munro, Neil.History of the Royal Bank of Scotland 1727–1927(1928)online
[edit]
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