RBS Full Form: Know All About RBS Here!

By Ritesh|Updated : October 30th, 2021

RBS Full Form: The full form of RBS is the Royal Bank of Scotland. Banking candidates are often tasked with identifying the full forms of several commonly used abbreviations in the banking world. These abbreviations mostly refer to banking institutions, tools, techniques, processes, or instruments of everyday use. As these full forms are important to one’s banking career, it is quite common for a candidate to find themselves faced with questions such as “What is the full form of RBS?”

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What does the RBS Stand for?

The full form of RBS is the Royal Bank of Scotland. The Royal Bank of Scotland is one of the largest commercial banks to operate in Scotland. Established 294 years ago, in the year 1727, the Royal Bank of Scotland is one of the oldest banks in the world. RBS is not to be confused with the Bank of Scotland, which is based in Edinburgh, both are completely different entities. 

In the year 2019, the bank became a wholly-owned subsidiary of the NatWest group, and in 20220, the holding company of RBS, the Royal Bank of Scotland Group PLC, was renamed NatWest Group PLC. 

RBS Quick Facts

  • RBS is one of the first banks to issue special banknotes to pay tribute to particular occasions and people. These “commemorative banknotes” have a huge demand among collectors, and very rarely remain in circulation. Some of these “commemorative banknotes” include -
    • 1 £1 note celebrating the Council of the European Union
    • 1 £1 note to commemorate the 100th death anniversary of RL Stevenson
    • 1 £1 note to celebrate and pay homage to the 150th birth anniversary of Alexander Graham Bell
    • A £50 note commemorating the opening of RBS’ new headquarters in Gogarburnn
  • Some of the services that the RBS is famous for include personal, business, and commercial banking services. Historically, they have built mobile branches using vans and taken them to rural areas to serve the underprivileged. This is practised even now, with 19 mobile branches serving across the United Kingdom. 
  • As a part of the internal reconstruction deal with NatWest holdings, it was decided that NatWest would be the brand that services the RBS customers in England and Wales, leaving RBS operative only in Scotland. 
  • This reconstruction was achieved by transferring all the assets of the erstwhile RBS to Adam and Company. The existing RBS took on the name of Natwest, and Adam and Company, which had a separate banking license, continue to operate as RBS. 
  • Currently, the majority of the business of RBS happens under the name of Natwest.
  • RBS is one of the biggest banking employers in the world, with over 70,000 employees under its role (across NatWest holdings and RBS arms).

We hope this information was useful to you. Like the full form of RBS, you can learn from others our articles. This would be extremely beneficial for a banking exam.

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FAQs

  • The full form of RBS is the Royal Bank of Scotland.

  • The Chairman of RBS is Howard Davies, and he is joined by Allison Rose, who acts as the Chief Executive Officer (CEO) of the banking company.

  • Despite the internal reconstruction and rebranding of the NatWest brand, the Scottish arm of RBS continues to exist. To give this legal form, Adam and Company took over the RBS name, while the original RBS rebranded to NatWest Markets in 2018.

  • These banknotes are not legal tender but are accepted as promissory notes. Interestingly, no paper money is accepted as legal tender in Scotland, even those issued by the Bank of England (accepted as legal tender in England and Wales). The Bank of England gained a monopoly to print banknotes in the late 19th century in England and Wales. Scottish banks are still allowed to print banknotes.

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