NatWest Group Profile
NatWest Group plc engages principally in providing various banking and other financial services.
Segments
The company operates through Personal & Business Banking (PBB), Commercial & Private Banking (CPB), and Other segments.
PBB segment
This segment includes UK Personal & Business Banking (UK PBB) and Ulster Bank RoI. UK PBB serves individuals and mass affluent customers in the U.K. together with small businesses. UK PBB includes Ulster Bank customers in Northern Ireland. Ulster Bank RoI serves individuals and businesses in the Republic of Ireland.
CPB segment
This segment includes Commercial Banking and Private Banking.
Commercial Banking serves commercial and corporate customers in the U.K. Private Banking serves the U.K.’s high net worth individuals and their business interests.
Other segment
This segment includes RBS International (RBSI), NatWest Markets, and Central items & other
RBSI: RBSI serves retail, commercial, corporate and financial institution customers in Jersey, Guernsey, Isle of Man and Gibraltar and financial institution customers in Luxembourg and London.
NatWest Markets: NatWest Markets allows worldwide financial institutions and corporates manage their financial risks and achieve their short and long-term financial goals, while navigating changing markets and regulation. NatWest Markets does this by providing worldwide market access, financing, risk management and trading solutions from trading hubs in London, Singapore and Stamford with sales offices across key locations in the U.K., European Union, the United States and Asia.
Central items and Other: These include corporate functions, such as RBS treasury, finance, risk management, compliance, legal, communications and human resources. Central functions manage RBS capital resources and RBS-wide regulatory projects and provide services to segments.
Significant Event
In November 2019, the company launched a new digital bank, Bó, to rival fintech start-ups. The new cloud-based bank features a bright yellow Visa card and mobile app.
History
The company was founded in 1727. It was incorporated and registered in Scotland under the Companies Act 1948 as a limited company in 1968 under the name National and Commercial Banking Group Limited. In 1979, the company changed its name to The Royal Bank of Scotland Group Limited. Further, the company changed its name to The Royal Bank of Scotland Group plc in 1982 and was registered under the Companies Acts 1948 to 1980 as a public company with limited liability. Furthermore, the company changed its name to NatWest Group plc in July 2020.
