NatWest Holdings: Difference between revisions
Full company name + former name |
No edit summary Tags: Reverted Mobile edit Mobile web edit |
||
| Line 21: | Line 21: | ||
| homepage = |
| homepage = |
||
}} |
}} |
||
'''NatWest Holdings |
'''NatWest Holdings'''<ref name="CompaniesHouse">{{Cite web |date=2016-04-22 |title=Natwest Holdings Limited overview - Find and update company information - GOV.UK |url=https://find-and-update.company-information.service.gov.uk/company/06160943 |access-date=2024-02-20 |website=[[Companies House]] |language=en}}</ref> is an intermediate holding company for the [[NatWest Group]]'s retail banking interests in the [[United Kingdom]]. |
||
The company was established in 2016, as part of a structural reform intended to comply with the requirements of the Financial Services (Banking Reform) Act 2013. The Act implements the [[Independent Commission on Banking]] recommendation that core domestic operations should be "ring-fenced" from wholesale and investment banking activities by 2019.<ref>Treanor, Jill [https://www.theguardian.com/business/2016/sep/30/rbs-to-strengthen-natwest-brand RBS to strengthen NatWest brand] ''[[The Guardian]]'' 30 September 2016</ref> |
The company was established in 2016, as part of a structural reform intended to comply with the requirements of the Financial Services (Banking Reform) Act 2013. The Act implements the [[Independent Commission on Banking]] recommendation that core domestic operations should be "ring-fenced" from wholesale and investment banking activities by 2019.<ref>Treanor, Jill [https://www.theguardian.com/business/2016/sep/30/rbs-to-strengthen-natwest-brand RBS to strengthen NatWest brand] ''[[The Guardian]]'' 30 September 2016</ref> |
||
Revision as of 22:51, 21 February 2024
 | |
| Formerly | RFB Holdco Limited (April–December 2016)[1] |
|---|---|
| Company type | Private limited company (subsidiary undertaking) |
| Industrie | Retail Banking |
| Gegründet | 2016 |
| Hauptsitz | , England, UK |
Key people |
|
| Parent | NatWest Group |
NatWest Holdings[1] is an intermediate holding company for the NatWest Group's retail banking interests in the United Kingdom.
The company was established in 2016, as part of a structural reform intended to comply with the requirements of the Financial Services (Banking Reform) Act 2013. The Act implements the Independent Commission on Banking recommendation that core domestic operations should be "ring-fenced" from wholesale and investment banking activities by 2019.[2]
Operations
Registered in England, NatWest Holdings was formed to be the direct parent of five licensed banks:[3]
| Bank | Area of operation |
|---|---|
| NatWest | England, Wales, western Europe[4] |
| Royal Bank of Scotland | Scotland[5] |
| Ulster Bank | Northern Ireland[6] |
| Ulster Bank Ireland | Republic of Ireland |
| Coutts | United Kingdom[7] |
Coutts & Co. is a wholly owned subsidiary of NatWest. NatWest Holdings includes the Lombard North Central asset finance business and RBS Invoice Finance (Holdings).
As authorised brands of Royal Bank of Scotland, the ring-fenced group also covers Messrs. Drummond and Holt's Military Banking, the only remaining branches of RBS operating in England and Wales. Child & Co. and the banking and lending business of Adam and Company closed in 2022.
On 19 February 2021, NatWest Group announced a phased withdrawal of all banking activity and associated services within the Republic of Ireland. On 3 May 2021, the business of Ulster Bank in Northern Ireland was transferred to NatWest as part of a court-approved Banking Business Transfer Scheme.[8] Previously a wholly owned subsidiary of NatWest, it continues to operate under its own name.
Non ring-fenced entities
Two other licensed banks within the NatWest Group – NatWest Markets (created at the same time) and Royal Bank of Scotland International (incorporating NatWest International, Coutts Crown Dependencies and Isle of Man Bank) – sit outside the ring-fence. RBS International, NatWest Trustee and Depositary Services, RBS International Funds Services S.A. and Coutts & Co. (Cayman) are wholly owned subsidiaries of The Royal Bank of Scotland International (Holdings).
In 2022, NatWest Group announced the creation of Commercial and Institutional, which brought together the Commercial, NatWest Markets and RBS International customer businesses as a new operating segment.[9]
References
- ^ a b "Natwest Holdings Limited overview - Find and update company information - GOV.UK". Companies House. 22 April 2016. Retrieved 20 February 2024.
- ^ Treanor, Jill RBS to strengthen NatWest brand The Guardian 30 September 2016
- ^ RBS Announces Proposed Future Ring-Fenced Legal Entity Structure and Investment in Customer Brands London Stock Exchange, RNS No. 2659L, 30 September 2016
- ^ NatWest Our brands, NatWest Group (retrieved 22 February 2022)
- ^ Royal Bank of Scotland Our brands, NatWest Group (retrieved 22 February 2022)
- ^ Ulster Bank Our brands, NatWest Group (retrieved 22 February 2022)
- ^ Coutts Our brands, NatWest Group (retrieved 22 February 2022)
- ^ Ulster Bank's Transfer Notification Ulster Bank (retrieved 3 May 2021)
- ^ Annual Report and Accounts 2022 NatWest Markets, 16 February 2023
