NatWest Holdings
| File:NatWest logo.png | |
| Industry | Retail Banking |
|---|---|
| Founded | 2016 |
| Headquarters | 135 Bishopsgate, London EC2M 3UR |
Key people | Sir Howard Davies, Chairman Ross McEwan, Chief Executive |
| Parent | The Royal Bank of Scotland Group |
NatWest Holdings is an intermediate holding company for The Royal Bank of Scotland Group's retail banking interests in the United Kingdom. It was created 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
NatWest Holdings was formed to be the direct parent of five licensed banks:[2]
- National Westminster Bank in England and Wales and western Europe
- The Royal Bank of Scotland in Scotland
- Ulster Bank in Northern Ireland (a wholly owned subsidiary of National Westminster Bank)
- Ulster Bank Ireland in the Republic of Ireland and
- Coutts & Co., private bankers (a wholly owned subsidiary of National Westminster Bank)
The company includes the Lombard North Central asset finance business and RBS Invoice Finance (Holdings).
As authorised brands of The Royal Bank of Scotland, the ring-fenced group will also cover:
- Messrs. Drummond, private bankers (incorporating Holt's Military Banking)
- Child & Co., private bankers
- Adam & Company, private bankers
Three other licensed banks within the RBS Group – NatWest Markets (created at the same time), The Royal Bank of Scotland International and Isle of Man Bank – will sit outside the ring-fence. RBS International and Isle of Man Bank are direct subsidiaries of The Royal Bank of Scotland International (Holdings), together with National Westminster Bank Nominees (Jersey).
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