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Natwest Group Holdings Corporation history
Natwest Group Holdings Corporation company history timeline
It became the third largest commercial bank in New England with the April 1996 purchase of First New Hampshire Bank, which had been a subsidiary of Bank of Ireland.
In 1996 the Royal Bank formed an independent offshore bank called Royal Bank of Scotland International.
NatWest was rocked in February 1997, however, by the revelation of hidden trading losses at NatWest Markets, whose chief executive soon resigned.
In 1997 Royal Bank entered into joint ventures with food retailer Tesco PLC and Richard Branson's Virgin Group, with both ventures specializing in branded personal finance products.
In the wake of the sales of NatWest Bancorp and NatWest Espana, also jettisoned in 1996, NatWest made four major acquisitions in a 12-month span. Its failed foray into international investment banking led to a writeoff of £441 million (US$730 million) in 1997, helping to drop pretax profits to £975 million (US$1.6 billion).
The Royal Bank of Scotland: a History (Edinburgh: privately published by the Royal Bank of Scotland, 1998)
To further expand its share of the mortgage lending market, Royal Bank pursued the acquisition of a U.K. building society, a move that had long been expected. It reached an agreement in 1998 to acquire Birmingham Midshires for £630 million but the society pulled out of the deal in order to accept a higher offer from Halifax plc.
In April 1999 David Rowland became chairman of NatWest following the retirement of Lord Alexander.
The bank became the object of a bidding war between the Royal Bank of Scotland and Bank of Scotland in 1999.
In 2007 it was part of a consortium which acquired the Dutch bank ABN AMRO. Soon afterwards, a crisis in global financial markets and deteriorating economic conditions across the world weakened many financial services organisations.
In 2020 its name was changed to NatWest Group.
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Natwest Group Holdings Corporation competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| Bank of Scotland | 1695 | $17.2B | 20,000 | 3 |
| IDB Bank | 1949 | $2.8B | 5,705 | 25 |
| Deutsche Asset Management | 1956 | $2.4B | 3,500 | 11 |
| Commerzbank Ag | 1870 | $9.2B | 49,174 | - |
| Julius Baer | 1890 | $4.2B | 6,667 | 1 |
| Bankers Trust Company | 1903 | $150.0M | 573 | 22 |
| Neuberger Berman | 1939 | $2.8B | 2,000 | 146 |
| KBI Global Investors | 1980 | $3.4M | 59 | - |
| Leumi | 1954 | $300.5M | 200 | - |
| GCM Grosvenor | 1971 | $514.0M | 500 | 22 |
Natwest Group Holdings Corporation history FAQs
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Natwest Group Holdings Corporation may also be known as or be related to Natwest, Natwest Group Holdings and Natwest Group Holdings Corporation.