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NatWest Markets
NatWest Markets plc is the investment banking arm of NatWest Group based in the United Kingdom.
The company was created from the then RBS Group's corporate and institutional banking division in 2016, as part of a structural reform intended to comply with the requirements of the Financial Services (Banking Reform) Act 2013 and to give the NatWest brand greater prominence. The Act implements the Independent Commission on Banking recommendation that domestic retail banking should be "ring-fenced" from riskier trading activities by 2019. The ring-fenced sub-group, NatWest Holdings, was created at the same time.
To give it legal form, The Royal Bank of Scotland was renamed NatWest Markets in 2018; at the same time Adam and Company (which held a separate PRA banking licence) was renamed The Royal Bank of Scotland, with Adam and Company continuing as an RBS private banking brand until 2022.
The NatWest Markets name was previously used from 1992 to 1997, the remnants of which were absorbed into the Royal Bank of Scotland Group on the acquisition of National Westminster Bank in 2000. RBS Group was renamed NatWest Group in 2020.
NatWest Markets' origins lie in County Bank, the merchant banking subsidiary of National Provincial Bank formed in 1965. The original County Bank was established in Manchester in 1862 and, in 1935, merged into District Bank, which was acquired by National Provincial Bank in 1962. The merchant bank acquired various stockbroking and jobbing firms, becoming County NatWest when the banking system was deregulated in 1987; it was later consolidated with corporate banking to form NatWest Markets. NatWest Markets acquired US-based Greenwich Capital in 1996 and became Greenwich NatWest following disposal of large parts of the business.
The bank's expansion strategy hit trouble with the stock market crash of 1987 and involvement in the financial scandal surrounding the collapse of Blue Arrow. The Department of Trade and Industry report on the affair was critical of the bank's management and resulted in the resignation of several members of the board, including then chairman Lord Boardman.
In the early 1990s, County NatWest merged with NatWest's treasury and foreign exchange divisions to form NatWest Markets. In 1996, NatWest Markets acquired private equity firm Hambro Magan.
In 1997, NatWest Markets revealed that a £50m loss had been discovered; this was revised to £90.5m after further investigations. Investor and shareholder confidence was so badly shaken that the Bank of England had to instruct the board of directors to resist calls for the resignation of its most senior executives in an effort to draw a line under the affair.
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NatWest Markets
NatWest Markets plc is the investment banking arm of NatWest Group based in the United Kingdom.
The company was created from the then RBS Group's corporate and institutional banking division in 2016, as part of a structural reform intended to comply with the requirements of the Financial Services (Banking Reform) Act 2013 and to give the NatWest brand greater prominence. The Act implements the Independent Commission on Banking recommendation that domestic retail banking should be "ring-fenced" from riskier trading activities by 2019. The ring-fenced sub-group, NatWest Holdings, was created at the same time.
To give it legal form, The Royal Bank of Scotland was renamed NatWest Markets in 2018; at the same time Adam and Company (which held a separate PRA banking licence) was renamed The Royal Bank of Scotland, with Adam and Company continuing as an RBS private banking brand until 2022.
The NatWest Markets name was previously used from 1992 to 1997, the remnants of which were absorbed into the Royal Bank of Scotland Group on the acquisition of National Westminster Bank in 2000. RBS Group was renamed NatWest Group in 2020.
NatWest Markets' origins lie in County Bank, the merchant banking subsidiary of National Provincial Bank formed in 1965. The original County Bank was established in Manchester in 1862 and, in 1935, merged into District Bank, which was acquired by National Provincial Bank in 1962. The merchant bank acquired various stockbroking and jobbing firms, becoming County NatWest when the banking system was deregulated in 1987; it was later consolidated with corporate banking to form NatWest Markets. NatWest Markets acquired US-based Greenwich Capital in 1996 and became Greenwich NatWest following disposal of large parts of the business.
The bank's expansion strategy hit trouble with the stock market crash of 1987 and involvement in the financial scandal surrounding the collapse of Blue Arrow. The Department of Trade and Industry report on the affair was critical of the bank's management and resulted in the resignation of several members of the board, including then chairman Lord Boardman.
In the early 1990s, County NatWest merged with NatWest's treasury and foreign exchange divisions to form NatWest Markets. In 1996, NatWest Markets acquired private equity firm Hambro Magan.
In 1997, NatWest Markets revealed that a £50m loss had been discovered; this was revised to £90.5m after further investigations. Investor and shareholder confidence was so badly shaken that the Bank of England had to instruct the board of directors to resist calls for the resignation of its most senior executives in an effort to draw a line under the affair.