rbs history

1727, The Royal Bank of Scotland itself was founded in Edinburgh, by royal charter.

1959, National Bank of Scotland amalgamates with Commercial Bank of Scotland to form National Commercial Bank of Scotland.

1960, The first international office was opening in New York and subsequent Banks opened in Chicago, Los Angeles, Houston and Hong Kong.

1967, RBS become the first Scottish Bank to install a cash point machine.

1968, National Commercial Bank of Scotland merges with The Royal Bank of Scotland to create The Royal Bank of Scotland Ltd.

1980, the group diversified, setting up its "innovative car insurance company" Direct Line.

1994, It launched Direct Banking which quickly became Britain's fastest-growing 24-hour telephone banking operation.

1997, it announced the UK's first fully-fledged online banking service, as well as joint financial services ventures with both Tesco and Virgin Direct.

1997, RBS sets up Tesco Bank.

1997, RBS become the first Bank to make its cash point machines available to all cardholders.

2000, The Royal Bank of Scotland become the second largest Banking group in the UK, with Natwest and Royal Bank of Scotland becoming subsidiaries of The Royal Bank of Scotland Group.

2005, The Queen opened the new RBS headquarters in Edinburgh.

2005, the Bank expanded into China acquiring a 10% stake in the Bank of China, costing £1.7 Billion.

2007, RBS purchased the Dutch bank ABN Amro on 8 October, with some critics stating this was a takeover too far.

2008, Chief executive Sir Fred Goodwin was forced to raise an extra £12bn for the Bank from a rights issue.

2008, The bank posted a pre-tax loss of £691m during the first six months of the year, the second-biggest loss in UK banking history.

2008, The bank's chief executive and chairman stood down after the government announced a £20bn bail-out. The plan was meant to secure the bank's future, but it also means profits will have to be shared with the government, which now owns a 70% share.

2008, Royal Bank of Scotland signalled that it expected to make its first annual loss in 2008 as it unveiled more write-downs on assets hit by the credit crunch. RBS also detailed plans to raise £19.7bn as part of the government's bank bail-out plan.

2009, The bank said there would be up to 2,300 job losses from its back office operations across the UK.

2009, Chancellor Alistair Darling announced that the government was limiting bonuses paid out to RBS staff.

2009, The Royal Bank of Scotland announced that it would halve its funding of British sport as a result of the global economic downturn.

2009, RBS announced that its 2008 loss totalled £24.1bn, the largest in UK corporate history.

2009, the Financial Services Authority (FSA) launches a formal investigation into what exactly led to 2008's emergency government rescues of HBOS and RBS.

2009, the FSA launches a consultation paper proposing measures to force Banks such as Natwest to pay compensation retrospectively to customers who were mis-sold Payment Protection Insurance (PPI).

2010, although the FSA criticises Sir Fred and other RBS executives a for a "series of bad decisions" in 2007 and 2008 during the financial crisis, they escape any sort of punishment.

2010, RBS joined other Banks in seeking a Judicial Review to stop the FSA making them pay compensation retrospectively to customers that were mis-sold PPI.

2011, The High Court Judge presiding over the Judicial Review rules against the Banks.

2012, RBS put aside £1,735 Million for PPI compensation payments to customers.

2013, RBS have paid out £1.9 Billion in PPI compensation payments to customer and raise their provisions with a further £250 Million.

2014, A further £100 Million is put aside for PPI Compensation payments to customers making it a total of £3.3 Billion so far.

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RBS ppi news
   HSBC who owns EPF sets aside an extra £352 Million to pay out PPI on top of the £2.46 Billion already set aside.
   Sky News estimate the Banks PPI mis-selling bill will be more than £22 Billion.
   The FCA is forcing lenders re-open over 2.5 Million PPI cases.
   The RBS Natwest group sets aside a further £100 Million taking their PPI provision to £3.3 Billion.
   £22 Billion is set aside by Banks to compensate for PPI
   Barclays sets aside a further £170 Million taking their PPI provision to £5.02 Billion.
   FCA confirm mis-selling PPI bill totals over £352 Million in September 2014 alone.
   HSBC who owns EPF sets aside an extra £352 Million to pay out PPI on top of the £2.46 Billion already set aside.