Royal Bank of Scotland

The Royal Bank of Scotland plc (Scottish Gaelic: Banca Rìoghail na h-AlbaToken and symbolic use of the Scottish Gaelic name occurs on some Royal Bank of Scotland plc buildings and customer stationery such as cheque books. Gaelic is not used on the RBS website, for contracts or on their banknotes.) is one of the retail banking subsidiaries of the Royal Bank of Scotland Group plc, and together with NatWest and Ulster Bank, provides branch banking facilities throughout the British Isles. Royal Bank of Scotland has around 700 branches, mainly in Scotland though there are branches in many larger towns and cities throughout England and Wales. The Royal Bank of Scotland and its parent, the Royal Bank of Scotland Group, are completely separate from the fellow Edinburgh based bank, the Bank of Scotland, which pre-dates the Royal Bank of Scotland by 32 years. The Bank of Scotland was effective in raising funds for the Jacobite Rebellion and as a result, The Royal Bank of Scotland was established to provide a bank with strong Hanoverian and Whig ties.

History

Foundation

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. The Equivalent Society became the Equivalent Company in 1724, and the new company wished to move into banking. The British government received the request...
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