RBS International
 | |
| Private limited company (subsidiary undertaking) | |
| Industry | Financial services |
| Founded | 1996 |
| Headquarters | Jersey, Channel Islands |
Key people |
Adrian Gill, Chief executive Jerry Whitsey, Head of Products and Marketing |
| Products | Offshore banking |
Number of employees | 1,750 (August 2011 est.)[1] |
| Parent | The Royal Bank of Scotland Group |
| Website |
www |
The Royal Bank of Scotland International, trading under the NatWest and RBS International brands, is the offshore banking arm of The Royal Bank of Scotland Group, offering a range of offshore banking services to personal, business, commercial, corporate and financial intermediary customers from its base in St. Helier, Jersey.
History
The Royal Bank of Scotland
The Royal Bank of Scotland first began offering services to customers in offshore jurisdictions through Williams Deacon Bank, its London and Manchester-based subsidiary, in 1963.[2] RBS International was founded as Williams Deacons Investment and Finance Limited in 1966, becoming Williams & Glyn's Bank Investments (Jersey) Limited in 1970, Williams & Glyn's Bank (Jersey) Limited in 1982 and The Royal Bank of Scotland (Jersey) Limited in 1985, before adopting the present name in 2003. The Royal Bank of Scotland International was first registered as a trading name in 1995 and The Royal Bank of Scotland International (Holdings) Limited was formed in 1996.
A separate Jersey-registered entity, Williams Glyn Secretaries & Registrars (C.I.) Limited, was formed in 1972; this became Williams & Glyn's Trust Company (Channel Islands) Limited in 1978, Royal Bank of Scotland Trust Company (C.I.) Limited in 1985 and The Royal Bank of Scotland Trust Company (Jersey) Limited in 1990. Following the disposal of RBS International Securities Services (Holdings) Limited in 2007, it is now known as BNP Paribas Securities Services Trust Company (Jersey) Limited.
The undertaking of The Royal Bank of Scotland (Gibraltar) Limited, which carried on business in Gibraltar under the NatWest and RBS International brands, was transferred to RBS International in 2009.[3]
National Westminster Bank
NatWest Offshore Limited was an Isle of Man-incorporated bank formed in 1997, with branches in Jersey, Guernsey and Gibraltar. The business was transferred to RBS International through private members’ legislation passed in each of the four jurisdictions in 2001, with RBS retaining NatWest as a trading name as well as continuing its existing business.[4]
Services
Headquartered in Jersey, RBS International has a presence in Gibraltar, Guernsey and the Isle of Man. The bank is regulated by the Jersey Financial Services Commission; the Gibraltar branch is regulated and authorised by the Financial Services Commission, Gibraltar to undertake banking and investment business;[5] the Guernsey branch is regulated by the Guernsey Financial Services Commission and licensed under the Banking Supervision (Bailiwick of Guernsey) Law, 1994, as amended, the Insurance Managers and Insurance Intermediaries (Bailiwick of Guernsey) Law, 2002, and the Protection of Investors (Bailiwick of Guernsey) Law, 1987, as amended; and the Isle of Man branch is licensed by the Isle of Man Financial Services Authority in respect of deposit taking, investment business and registered as a general insurance intermediary.
In 2012, it was announced that all personal banking customers would be migrated to the NatWest International brand, while business, commercial and corporate banking customers would remain under the RBS International brand.[6]
See also
References
- ↑ "Bank announces offshore job cuts". BBC News. 4 March 2009. Retrieved 24 September 2013.
- ↑ RBS International The Royal Bank of Scotland Group (retrieved 26 October 2016)
- ↑ The Royal Bank of Scotland (Gibraltar) (Transfer of Undertaking) Act 2009 [Private Member’s Bill. 03/09] Third Supplement to the Gibraltar Gazette, No. 3,739 of 15 October 2009
- ↑ The Royal Bank of Scotland International Limited (Jersey) Law 2001 (P.61/2001): Report Presented to the States on 17 April 2001 by the Finance and Economics Committee
- ↑ NatWest is a registered business name of The Royal Bank of Scotland International Limited under the Business Names Registration Act
- ↑ Beugge, Charlotte (29 May 2012). "Expat rates: why AIB International savers must get moving". The Telegraph. Retrieved 12 September 2014.