What is the history of the Royal Bank of Scotland?
The Royal Bank of Scotland (RBS) Group is a famous British banking and insurance company, headquartered in Edinburgh, Scotland. Set up in 1727, RBS is one of the Royal Bank of Scotland Group subsidiaries along with Ulster Bank and NatWest.
Over three centuries of history, the Royal Bank of Scotland has managed to establish its name as the strongest banking brand in the UK. The bank has demonstrated rapid growth since its foundation. The Glasgow branch was opened in 1783 and in the 1830s the company started to develop a vast network of its branches across Scotland.
What is the RBS business profile?
The bank has over 700 branches in big cities across Wales and England. The company specialises in providing financial services to commercial, institutional, corporate and personal customers. The personal banking pack of services includes mortgages, loans, savings and investments, travel and international banking services, internet banking and similar. The corporate banking segment features finance, deposits and investments, electronic services, payments among others. Back in the 1940s, RBS had so-called ‘mobile branches’ to reach out to rural areas. Today, there are almost 20 ‘mobile branches’.
In 2015, the bank delivered to its customer (small businesses) approximately £135 million in lending. The total number of customers is approaching 2 million, including over 110,000 businesses registered in Scotland.
Today, RBS employs over 12,000 people and is getting prepared to issue a fully polymer bank note. The company is actively engaged into the development of various programmes, such as the Skills and Opportunities Fund, MoneySense, and the STV Children’s Appeal.
How are RBS groundbreakers?
RBS pioneered an overdraft protection and was the first bank in the world that issued a house purchase loan.
The company became the first in the whole banking industry to introduce a TouchID functionality for its mobile app. Besides, the RBS mobile banking app was the first app of its kind in the world.
Also, RBS introduced savings and debit cards for the visually impaired and blind people. None of its competitors had never done that before.
The bank boasts a unique position in the industry. The banking organisation has a team of Consumer Protection Advisors working under them. The specialists ensure RBS clients are protected against scams and fraud.
What’s the difference between RBS and Bank of Scotland?
The Royal Bank of Scotland is often mistakenly referred to as Bank of Scotland, which was established 32 years earlier. These are two different banks with their head offices located in Scotland. The two businesses operate in the same industry and provide similar services what makes them competitors.
Royal Bank of Scotland is regulated by the Prudential Regulation Authority and the Financial Conduct Authority.
Where is RBS listed?
The RBS group is primarily listed on the London Stock Exchange (LSE) and additionally on the New York Stock Exchange (NYSE).