NatWest Group plc
Company History
NatWest History: Founding, Growth & Key Milestones
Founded 1727 in Edinburgh, Scotland & London, England
When was NatWest founded?
NatWest was founded in 1727 in Edinburgh, Scotland & London, England by Royal Bank of Scotland and National Westminster Bank, making it 299 years old.
- Founded
- 1727
- Founding place
- Edinburgh, Scotland & London, England
- Founders
- Royal Bank of Scotland and National Westminster Bank
- Headquarters today
- Edinburgh, Scotland, United Kingdom
- Milestones documented
- 12 (1727–2026)
- Current CEO
- Paul Thwaite
- Acquisitions
- 3
| Year | Event |
|---|---|
| 1727 | Royal Bank of Scotland Founded |
| 2000 | The NatWest Takeover |
| 2001 | Fred Goodwin becomes CEO |
| 2007 | ABN AMRO Consortium Takeover |
| 2008 | The Government Bailout |
| 2012 | Direct Line IPO |
| 2013 | Ross McEwan Becomes CEO |
| 2019 | Alison Rose becomes CEO |
| 2020 | Parent Renamed NatWest Group |
| 2024 | Paul Thwaite becomes CEO |
| 2025 | Complete Return to Private Ownership |
| 2026 | Evelyn Partners Acquisition Completed |
- Where was NatWest founded?
- NatWest was founded in Edinburgh, Scotland & London, England in 1727.
- Who founded NatWest?
- NatWest was founded by Royal Bank of Scotland and National Westminster Bank.
- When did NatWest start?
- NatWest was founded in 1727.
- How old is NatWest?
- NatWest is 299 years old as of 2026.
Founding Story
The group traces back to the Royal Bank of Scotland, chartered in Edinburgh in 1727, and to National Westminster Bank, formed in 1968 from National Provincial and Westminster Bank. RBS won a hostile ~$27.7 billion (£21 billion) bid for the larger NatWest in 2000. Under CEO Fred Goodwin it then led the 2007 consortium takeover of ABN AMRO, valued at about $80.2 billion (€71 billion), shortly before the financial crisis. In October 2008 the UK government recapitalised the bank, beginning 17 years of state ownership that ended in May 2025.
Founders
Royal Bank of Scotland
The Royal Bank of Scotland was chartered in Edinburgh in 1727 as a rival to the Bank of Scotland and in 1728 introduced the cash credit, an early form of overdraft. It grew through acquisitions, bought National Westminster Bank in 2000, and its parent company was renamed NatWest Group in 2020. RBS remains the group's retail brand in Scotland. (Exact birth year remains publicly undisclosed).
National Westminster Bank
National Westminster Bank was created in 1968 by combining National Provincial Bank (founded 1833) and Westminster Bank (founded 1834 as London and Westminster Bank), with District Bank also folded in. It became one of the UK's big clearing banks and was acquired by the Royal Bank of Scotland in 2000. Its brand now gives the whole group its name. (Exact birth year remains publicly undisclosed).
Key Milestones
Royal Bank of Scotland Founded
The Royal Bank of Scotland is chartered in Edinburgh; a year later it introduces the cash credit, an early overdraft.
Source: en.wikipedia.orgThe NatWest Takeover
RBS wins a hostile bid of about $27.7 billion (£21 billion) for the larger National Westminster Bank, beating Bank of Scotland.
Source: en.wikipedia.orgFred Goodwin becomes CEO
Fred Goodwin became CEO of NatWest Group in 2001. The ABN AMRO deal left RBS short of capital when the crisis hit, leading to the 2008 government rescue.
Source: en.wikipedia.orgABN AMRO Consortium Takeover
An RBS-led consortium buys ABN AMRO for about $80.2 billion (€71 billion), leaving RBS thinly capitalised as the credit crisis begins.
Source: en.wikipedia.orgThe Government Bailout
The UK government injects ~$60.1 billion (£45.5 billion) and takes about 84% of RBS to stop the bank from failing.
Source: en.wikipedia.orgDirect Line IPO
Royal Bank of Scotland Group floated its insurance arm Direct Line Group in October 2012.
Source: en.wikipedia.orgRoss McEwan Becomes CEO
Ross McEwan became chief executive of Royal Bank of Scotland Group in October 2013.
Source: en.wikipedia.orgAlison Rose becomes CEO
Alison Rose became CEO of NatWest Group in 2019. She was the first woman to lead a major UK bank and oversaw the return to steady profitability, but her tenure ended over the Coutts account-closure episode.
Source: en.wikipedia.orgParent Renamed NatWest Group
The Royal Bank of Scotland Group plc becomes NatWest Group plc in July 2020; RBS stays as the Scottish retail brand.
Source: en.wikipedia.orgPaul Thwaite becomes CEO
Paul Thwaite became CEO of NatWest Group in 2024. Under Thwaite, NatWest lifted RoTE to 19.2% in 2025 and 19.7% in H1 2026, returned ~$5.41 billion (£4.1 billion) to shareholders for 2025, and shifted the mix toward fee income through wealth management.
Source: en.wikipedia.orgComplete Return to Private Ownership
The UK government sells its last NatWest shares in May 2025, ending state ownership that began in 2008.
Source: en.wikipedia.orgEvelyn Partners Acquisition Completed
NatWest completes its ~$3.56 billion (£2.7 billion) purchase of wealth manager Evelyn Partners on 30 June 2026, combining it with Coutts.
Source: natwestgroup.comMajor Acquisitions
National Westminster Bank (NatWest)
2000RBS made a hostile bid of about $27.7 billion (£21 billion) for the larger National Westminster Bank, beating a rival offer from Bank of Scotland.
ABN AMRO
2007RBS led a consortium with Fortis and Santander that bought ABN AMRO for about $80.2 billion (€71 billion) in 2007, with RBS taking the wholesale and international businesses.
Rooster Money
2021NatWest bought RoosterMoney, a pocket-money and financial education app for children, to add family banking tools.
Keep researching NatWest
NatWest Company History FAQ
What are the major milestones in the historical evolution of NatWest Group?
Key historical milestones include the founding of Royal Bank of Scotland (1727), the creation of NatWest (1968), the takeover of NatWest by RBS (2000), the ~$60.1B (£45.5B) UK government bailout during the global financial crisis (2008), the decade-long restructuring under Ross McEwan, the renaming to NatWest Group plc (2020), and the progressive reduction of government shareholding.
How did NatWest pioneer the world's first automated cash dispenser (ATM)?
In 1967, Westminster Bank (a predecessor of NatWest) was among the global pioneers of automated banking, installing early cash dispensers and later rolling out the Servicetill network in 1976, which allowed 24/7 on-demand cardholder cash withdrawals in the UK.
What occurred during the 2008 global financial crisis that required RBS's state bailout?
Due to extreme leverage, large exposure to US subprime mortgage-backed securities, and the disastrous takeover of ABN AMRO, RBS faced acute liquidity failure in October 2008, requiring the UK Treasury to inject ~$60.1 billion (£45.5 billion) to prevent systemic collapse, resulting in 84% government ownership.
What was the Asset Protection Scheme (APS) that RBS participated in after the 2008 crisis?
In 2009, RBS entered the UK Government's Asset Protection Scheme to insure ~$372 billion (£282 billion) of high-risk, toxic loans against catastrophic losses, which provided balance sheet stability until RBS successfully exited the scheme in 2012 after paying ~$3.3 billion (£2.5 billion) in exit fees.
How did NatWest successfully execute its post-crisis turnaround?
Through a rigorous decade of balance sheet discipline between 2009 and 2019, the bank exited over 25 international countries, wound down non-core investment banking assets, repaid emergency state liquidity, settled legacy US RMBS claims, and returned to sustained dividend payments.
When did the UK government start selling down its stake in NatWest Group?
The UK government began selling its stake in August 2015 at £3.30 per share, then used placings, a trading plan and direct buybacks by NatWest from 2021 onward. It sold its final shares in May 2025.
How has NatWest Group adapted its corporate governance since the 2020 rebranding?
Since rebranding to NatWest Group plc in July 2020, the group has integrated climate transition frameworks into executive remuneration, streamlined its board structure, and prioritized customer financial capability and SME lending growth.
What is NatWest Group's long-term vision for 2030 and beyond?
NatWest Group aims to operate as the UK's leading relationship bank in a digital world, powering sustainable economic growth, championing climate transition finance, and providing smooth, AI-augmented banking across retail, corporate, and private wealth.
Why was the 2008 government bailout of Royal Bank of Scotland (NatWest) the largest in history?
In 2007, under aggressive CEO Fred Goodwin, RBS led a disastrous €71 billion consortium takeover of Dutch bank ABN AMRO right as the global credit crisis unfolded. Weighed down by toxic subprime debt, RBS faced imminent insolvency in October 2008. The British government intervened with a historic £45.5 billion taxpayer bailout, taking an 84% majority equity stake in the largest bank rescue in human history.
When did the UK government fully exit its shareholding in NatWest Group?
Following the 2008 bailout, the UK Treasury embarked on a multi-year phased divestment program. By steadily selling shares back to the bank and institutional investors, the UK government reduced its stake from 84% to zero by 2024/2025, returning NatWest Group to 100% private commercial ownership.
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