RBS 2004 Annual Report Download - page 2
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Make it happen
The Royal Bank of Scotland was founded
in Edinburgh in 1727.
By 1900 it had over 130 branches in Scotland and
had opened its first branch in London. During the
1920s and 30s it established a significant presence
in England through the acquisition of Glyn, Mills and
Williams Deacon’s. By 1970, having merged with the
National Commercial Bank of Scotland, it was the
leading bank in Scotland, with over 700 branches.
During the 1980s RBS diversified its business,
pioneering the direct distribution of motor insurance
through the establishment of Direct Line in 1985,
and entering US banking in 1988 with the acquisition
of Citizens Bank of Rhode Island.
In the 1990s RBS re-engineered its retail banking
business, removing processing activities from
branches, and segmenting the Bank’s customers
and associated service propositions. Over the same
period RBS developed and implemented its multi-
brand, multiple channel strategy, launching direct
banking in 1994, and the UK’s first comprehensive
internet banking service in 1997, together with
financial services operations in partnership with
Virgin and Tesco in the same year.
In 2000 RBS successfully completed the £21 billion
acquisition of NatWest, the biggest takeover in
British banking history, creating a Group with
over 20 million customers, £400 billion assets
and 110,000 employees worldwide. The NatWest
integration was completed successfully in February
2003, with the original targets for cost savings and
revenue benefits exceeded.
Since the acquisition of NatWest, RBS has continued
to grow the business through the combination of
strong organic growth and acquisitions. In the US,
Citizens’ footprint has been expanded from New
England into the Mid-Atlantic states through the
acquisition of the Mellon Bank regional franchise,
and into the Midwest though the acquisition of
Charter One, completed in 2004. Citizens is now
one of the top ten US commercial banking
organisations by deposits. In insurance, the
acquisition of Churchill broadened the product and
distribution channel capabilities of Direct Line and
created the second largest general insurer in the
UK. In corporate banking, RBS has entered the US,
Continental European and Asia Pacific markets.