are bank of scotland and rbs the same
The late 1990s saw a new wave of consolidation in the financial services sector. In 1997, RBS formed a joint venture to set up Tesco Bank. In 1999, the Bank of Scotland launched a hostile takeover bid for English rival NatWest. The Bank of Scotland intended to fund the deal by selling off many of the NatWest's subsidiary companies, including Ulster Bank and Coutts. However, the Royal Bank subsequently tabled a counter-offer, sparking off the largest hostile takeover battle in UK corporate history. A key differentiation from the Bank of Scotland's bid was the Royal Bank's plan to retain all of NatWest's subsidiaries. Although NatWest, one of the ``Big 4'' English clearing banks, was significantly larger than either Scottish bank, it had a recent history of poor financial performance and plans to merge with insurance company Legal & General were not well received, prompting a 26% fall in share price.
Royal Bank of Scotland Group