Founded in 1727, the Royal Bank of Scotland began its prestigious success with just eight staff members in the Old Town of Edinburgh. For more than 50 years, the Bank worked only in Edinburgh, expanding first in 1783 with a new branch opened in Glasgow. The Glasgow branch quickly took over about half of the Royal Bank of Scotland’s business, and its success led to more branches being opened throughout Scotland. In 1874, the Royal Bank of Scotland opened its first office in London.
In the 20th century, the Royal Bank of Scotland acquired several English banks, including Mills & Co, Williams Deacon’s Bank Drummonds Bank and Glyn.
By 1950, mobile banks began to make their appearance, with special attention to rural communities. By 1960, the Royal Bank of Scotland’s first New York office opened, and in 1969 it merged with National Commercial Bank of Scotland, thus giving it greater market share. The first logo was also introduced, the famous daisywheel brand mark. This remains a central focus of the Royal Bank of Scotland’s corporate identity.
The 1970s brought computerisation and diversification, while the 1980s saw expansion into Direct Line motor insurance and the purchase of USA’s Citizens Financial Group. The Royal Bank of Scotland was also among the first of the banks to make their foray into Internet and telephone banking.
The Royal Bank of Scotland in 2000s
The new millennium saw the acquisition of National Westminster Bank by the Royal Bank of Scotland, the biggest banking takeover ever to be carried out in Britain. This gave the Bank more than 200 additional banks, the network that had made up NatWest. In 2005, the Bank again broke new ground its strategic partnership with the Bank of China. In 2007, the Bank led a consortium and acquired the Dutch ABN AMRO bank.
Difficulties because of the current global economic crisis have made things rather difficult for the Bank of Scotland in recent years. Some strategic decisions were subsequently shown to be mistakes, thus temporarily rendering the Bank rather vulnerable. Nonetheless, immediate problems have been fixed, and new restructuring and strategic plans are set to take place over the next three to five years, putting the Bank well on its way to regaining previous footing. This will remain a top priority for management and Board.
Royal Bank of Scotland and its Services
The Royal Bank of Scotland offers personal, private, business and corporate banking services to its customers.
For individual customers, the Royal Bank of Scotland offers a full line of customer services to its clientele, including current accounts, credit card services, mortgage and loan services, savings, investments and insurance, travel and international services, and, perhaps more useful to customers now than ever, a unique “MoneySense” program to help customers manage and understand their money.
Private banking services offer customers a higher echelon of service, including individual relationship managers, so that services are tailored directly to the customer’s needs, as well as access to flexible lending options, tailored savings and investment plans, 24-hour assistance by phone, current account with additional options, and additional credit card options as well.
Business and corporate banking needs are also fully addressed by the Royal Bank of Scotland; some services include current accounts, credit cards and options, international services, insurance services, and borrowing services (where security may be required).
Truly, the Royal Bank of Scotland is a full-service bank that can handle customer financial needs of every kind.