National Commercial Bank of Scotland
Encyclopedia
The National Commercial Bank of Scotland Ltd. was a Scottish
commercial bank
. It was established in 1959 through a merger of the National Bank of Scotland
(est. 1825) with the Commercial Bank of Scotland
(est. 1810). Ten years later it merged with the Royal Bank of Scotland
, to become the largest clearing bank in Scotland. The National Commercial Bank issued its own banknotes.
At its foundation, the National Commercial Bank of Scotland had assets of around £300 million, and had 476 branches in Scotland and England. A joint venture with asset management company Schroders
in 1964 saw the launch of a Scottish merchant bank
ing service. The bank acquired the 36 English and Welsh branches of The National Bank Ltd., when the Irish operations of that institution were bought by the Bank of Ireland
in 1966. The National Commercial Bank also established a "ladies branch" for female customers, staffed entirely by women.
By 1969 economic conditions were becoming more difficult for the banking sector. In response, the National Commercial Bank merged with the Royal Bank of Scotland. The resulting company had 662 branches. The merger resulted in a new holding company
, National & Commercial Banking Group Ltd. The English and Welsh branches were reorganised as Williams & Glyn's Bank
, while the Scottish branches transferred to the Royal Bank name. The holding company was renamed Royal Bank of Scotland Group in 1979.
Scotland
Scotland is a country that is part of the United Kingdom. Occupying the northern third of the island of Great Britain, it shares a border with England to the south and is bounded by the North Sea to the east, the Atlantic Ocean to the north and west, and the North Channel and Irish Sea to the...
commercial bank
Commercial bank
After the implementation of the Glass–Steagall Act, the U.S. Congress required that banks engage only in banking activities, whereas investment banks were limited to capital market activities. As the two no longer have to be under separate ownership under U.S...
. It was established in 1959 through a merger of the National Bank of Scotland
National Bank of Scotland
The National Bank of Scotland Ltd. was a Scottish commercial bank. It was founded in 1825, and obtained a royal charter in 1831. It became the first Scottish bank to open a London office, in 1864...
(est. 1825) with the Commercial Bank of Scotland
Commercial Bank of Scotland
The Commercial Bank of Scotland Ltd. was a Scottish commercial bank. It was founded in Edinburgh in 1810, and obtained a royal charter in 1831. It grew substantially through the 19th and early 20th centuries, until 1959, when it merged with the National Bank of Scotland to become the National...
(est. 1810). Ten years later it merged with the Royal Bank of Scotland
Royal Bank of Scotland
The Royal Bank of Scotland Group is a British banking and insurance holding company in which the UK Government holds an 84% stake. This stake is held and managed through UK Financial Investments Limited, whose voting rights are limited to 75% in order for the bank to retain its listing on the...
, to become the largest clearing bank in Scotland. The National Commercial Bank issued its own banknotes.
At its foundation, the National Commercial Bank of Scotland had assets of around £300 million, and had 476 branches in Scotland and England. A joint venture with asset management company Schroders
Schroders
Schroders plc is a British multinational asset management company with over 200 years of experience in the world's financial markets. The company employs 2,905 people worldwide who are operating from 32 offices in 25 different countries around Europe, America, Asia and the Middle East...
in 1964 saw the launch of a Scottish merchant bank
Merchant bank
A merchant bank is a financial institution which provides capital to companies in the form of share ownership instead of loans. A merchant bank also provides advisory on corporate matters to the firms they lend to....
ing service. The bank acquired the 36 English and Welsh branches of The National Bank Ltd., when the Irish operations of that institution were bought by the Bank of Ireland
Bank of Ireland
The Bank of Ireland is a commercial bank operation in Ireland, which is one of the 'Big Four' in both parts of the island.Historically the premier banking organisation in Ireland, the Bank occupies a unique position in Irish banking history...
in 1966. The National Commercial Bank also established a "ladies branch" for female customers, staffed entirely by women.
By 1969 economic conditions were becoming more difficult for the banking sector. In response, the National Commercial Bank merged with the Royal Bank of Scotland. The resulting company had 662 branches. The merger resulted in a new holding company
Holding company
A holding company is a company or firm that owns other companies' outstanding stock. It usually refers to a company which does not produce goods or services itself; rather, its purpose is to own shares of other companies. Holding companies allow the reduction of risk for the owners and can allow...
, National & Commercial Banking Group Ltd. The English and Welsh branches were reorganised as Williams & Glyn's Bank
Williams & Glyn's Bank
Williams & Glyn's Bank Limited was established in London in 1970, when the Royal Bank of Scotland merged its two subsidiaries in England and Wales, Williams Deacon's Bank Ltd. and Glyn, Mills & Co...
, while the Scottish branches transferred to the Royal Bank name. The holding company was renamed Royal Bank of Scotland Group in 1979.