NatWest Holdings
 | |
| Company type | Private limited company (subsidiary undertaking) |
|---|---|
| Industry | Retail Banking |
| Founded | 2016 |
| Headquarters | , England, UK |
Key people | Sir Howard Davies, Chairman Alison Rose, Chief Executive |
| Parent | NatWest Group |
NatWest Holdings is an intermediate holding company for the NatWest Group's retail banking interests in the United Kingdom. It 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.[1]
Operations
Registered in England, NatWest Holdings was formed to be the direct parent of five licensed banks:[2]
| Bank | Area of operation |
|---|---|
| NatWest | England, Wales, western Europe |
| Royal Bank of Scotland | Scotland |
| Ulster Bank | Northern Ireland |
| Ulster Bank Ireland | Republic of Ireland |
| Coutts | United Kingdom |
Ulster Bank and Coutts are wholly owned subsidiaries 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 Holt's Military Banking and the private banking houses of Messrs. Drummond and Child & Co. in London and Adam & Company in Edinburgh.
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. (Luxembourg) and Coutts & Co Cayman Limited are wholly owned subsidiaries of The Royal Bank of Scotland International (Holdings).
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 Limited in Northern Ireland was transferred to National Westminster Bank as part of a court-approved Banking Business Transfer Scheme.[3]
References
- ^ 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
- ^ https://digital.ulsterbank.co.uk/globals/banking-business-transfer-scheme.html
