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THE ROYAL BANK OF SCOTLAND N V

Jan 20, 2020 351

HISTORY:

The bank traces its origins to the Subscribed Equity Company, which was created by investors in the failed Scotland Company to protect the compensation they received as part of the provisions of the 1707 Acts of the Union. The "Equivalent Company" became the "Equivalent Company" in 1724, and the new company wanted to become bankroll. The British government received the request favorably as the "Old Bank", the Bank of Scotland, is suspected of having Jacobite sympathies. Consequently, the "New Bank" was founded in 1727 as the Royal Bank of Scotland, with Archibald Campbell, Lord Ilay, appointed its first governor. 

Scottish expansion The bank opened its first branch outside Edinburgh in 1783 when it opened one in Glasgow. Other branches were opened in Dundee, Rothesay, Dalkeith, Greenock, Port Glasgow and Leith in the early part of the 19th century. In 1821, the bank moved from its original headquarters in Edinburgh's Old Town to Dundas House, in St. Andrew's Square in the New Town. The building seen along George Street forms the eastern end of the central view in the New Town. It was designed for Sir Lawrence Dundas by Sir William Chambers as a Palladian mansion, completed in 1774.

An axial banking room behind the building, designed by John Dick Peddie, was added in 1857; It features a vaulted ceiling, painted blue internally, with gold star-shaped arches. The banking room remains in use as a branch of the bank, and Dundas House remains the bank's registered headquarters to this day. The rest of the nineteenth century saw the bank pursue mergers with other Scottish banks, mainly as a response to failing institutions. Western Bank's assets and liabilities were acquired after its collapse in 1857; The Dundee Banking Company was acquired in 1864. In 1910, the Royal Bank of Scotland had 158 branches and around 900 employees. In 1969, the bank merged with the National Commercial Bank of Scotland to become the largest clearing bank in Scotland.

 

CHAIRMAN:  Howard Davies