When did the Royal Bank of Scotland become an equivalent company?
The “Equivalent Society” became the “Equivalent Company” in 1724, and the new company wished to move into banking. The British government received the request favourably as the “Old Bank”, the Bank of Scotland, was suspected of having Jacobite sympathies.
Where is the Royal Bank of Scotland located?
Headquarters Edinburgh, Scotland, United Kingdom The bank traces its origin to the Society of the Subscribed Equivalent Debt, which was set up by investors in the failed Company of Scotland to protect the compensation they received as part of the arrangements of the 1707 Acts of Union.
Why was the Royal Bank of Scotland forced to suspend payments?
The Royal Bank built up large holdings of the Bank of Scotland’s notes, which it acquired in exchange for its own notes, then suddenly presented to the Bank of Scotland for payment. To pay these notes, the Bank of Scotland was forced to call in its loans and, in March, 1728, to suspend payments.
Who was the first governor of the Royal Bank of Scotland?
The British government received the request favourably as the “Old Bank”, the Bank of Scotland, was suspected of having Jacobite sympathies. Accordingly, the “New Bank” was chartered in 1727 as the Royal Bank of Scotland, with Archibald Campbell, Lord Ilay, appointed its first governor.
Is there a Royal Bank of Scotland in England?
Royal Bank of Scotland ( Scottish Gaelic: Banca Rìoghail na h-Alba, commonly abbreviated as RBS) is a major retail and commercial bank in Scotland. It is one of the retail banking subsidiaries of NatWest Group, together with NatWest (in England and Wales) and Ulster Bank.
What was the result of the Royal Bank of Scotland merger?
In response, the Royal Bank of Scotland merged with National Commercial Bank of Scotland. The merger resulted in a new holding company, the National and Commercial Banking Group, with 662 branches in Scotland, which all transferred to the Royal Bank name.
When did Royal Bank of Scotland sell NatWest?
On 27 September 2013, the Royal Bank of Scotland Group confirmed it had agreed to sell 308 Royal Bank of Scotland branches in England and Wales and 6 NatWest branches in Scotland to the Corsair consortium.
Is the Royal Bank of Scotland still in Dundas House?
The banking hall continues in use as a branch of the bank, and Dundas House remains the registered head office of the bank to this day. The rest of the nineteenth century saw the bank pursue mergers with other Scottish banks, chiefly as a response to failing institutions.
