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NatWest

History of Natwest Bank

By compare

December 2, 2009

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The formation of NatWest Bank

National Provincial Bank was established in 1833 and Westminster Bank was established in 1836 where they both could trace their history dating back to the 1650s. Where in 1968 both banks merged together as National Westminster Bank and the announcement completely shocked the media, the City and the public.

But although this took everyone by surprise the newly formed National Westminster Bank could immediately see the advantages by

Strengthening the balance sheet
Streamlined the branch networks
Enabling greater investment in new technology

The integration began in 1969 and took a year to complete and on 1 January 1970 National Westminster Bank commenced trading with their new branding with the three-arrowheads symbol as its logo.

National Westminster bank now had over 3,600 branches and began to develop a wider range of new services, which was to include the bank's first credit card called Access Credit card in 1972.

In 1976 National Westminster bank began a computer linked cash dispenser called Servicetills

Deregulation in the 1980s, culminating in 'Big Bang' in 1986, also encouraged National Westminster Bank to enter the securities business. County Bank, the Group's merchant bank, acquired stockbroking and jobbing firms to create NatWest Investment Bank.

Whilst this was happening the International Banking Division looked to provide international banking services to large companies and to focus on expansion in the USA, the Far East and Europe.

In 2000 NatWest has finally capitulated to Royal Bank of Scotland's £21bn hostile takeover bid, NatWest said it accepted that RBS had won support for its bid from the majority of its shareholders and advised investors to accept the offer.

In 2008 the government has been forced take a 58% stake in RBS after shareholders rejected the banking group’s £15 billion share offer. In a statement, RBS said that only 0.24% of new shares offered to investors were taken up, leaving the government – and the taxpayer – to pick up the remaining 22.9 billion shares and take control of 57.9% of the bank.