RBS has plan to restructure, separate essential services
RBS said it will transfer most of its existing private, business and commercial customers from RBS plc to its current Scottish private bank Adam & Company in mid-2018, renaming it The Royal Bank of Scotland plc.
At the same time, RBS plc will be renamed NatWest Markets plc and continue to operate its CIB businesses.
RBS also announced that at the beginning of 2017, it will establish an intermediate holding company for the ring-fenced banks called NatWest Holdings Ltd, which will initially assume direct ownership of National Westminster Bank, Adam & Company and Ulster Bank Ireland.
"NatWest Holdings Limited will initially be a subsidiary of RBS plc, but by the end of 2018, it will be a direct subsidiary of RBS Group plc," the board confirmed in a statement.
"National Westminster Bank Plc will therefore no longer be a subsidiary of the current RBS plc entity."
It said National Westminster Bank will be a ring-fenced bank, and will continue to operate under the NatWest brand for personal, private, business and commercial customers, while Coutts and Co will continue to serve private banking customers, also within the ring fence.
In Northern Ireland and the Republic of Ireland, RBS will continue to operate under the existing Ulster Bank and Ulster Bank Ireland brands and legal entities.
The bank added that the Royal Bank of Scotland International Ltd in Jersey will continue to lead the group's services to customers in Jersey, Guernsey, Gibraltar and the Isle of Man, and will be a subsidiary of RBS Group plc. ■